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Report: China plans cryptocurrency launch as early as November

The People's Bank of China plans to launch its first state-backed cryptocurrency to seven institutions as early as Nov. 11, Forbes reported Aug. 27, citing multiple sources.

The digital currency will be issued initially through Industrial and Commercial Bank of China, Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Corp., Tencent Holdings Ltd., Alibaba Group Holding Ltd. and Union Pay, the report said, citing Paul Schulte, who worked as global head of financial strategy for China Construction Bank until 2012.

An eighth institution could be added to the list of recipients, another source told Forbes.

None of the seven companies responded to the publication's request for comments.

The technology behind the digital currency has been in place since last year and the Chinese central bank intends to make the new asset available in the U.S. through partnerships with foreign banks.