According to sources, the People’s Bank of China is giving its first round of central bank digital currency (CBDC) to online retail giant Alibaba (NYSE:BABA), Internet giant Tencent, five banking organizations and one unknown entity.
Forbes reported the news on Aug. 27. The sources named are Paul Schulte, who previously worked as head of the China Construction Bank, and an anonymous individual identified as part of China’s CBDC project. According to Schulte, the first beneficiaries of China’s CBDC are Alibaba, Tencent, China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China and Chinese banking association Union Pay.