Eight institutions will reportedly receive the first installment of China’s upcoming central bank-issued digital currency, including Alibaba and Tencent.
Alibaba Group is a public Chinese company that specializes in the sphere of e-commerce and also owns the business-to-business web portal Alibaba.com. The company was founded in 1999 by Ma Yun — known professionally as Jack Ma — and currently is headquartered in Hangzhou. Alibaba has several platforms, such as Alibaba pictures for film directing, Alibaba Express (officially AliExpress) — an international trading platform — and AliPay — a platform for online payments. As China has banned the use of cryptocurrency in the country, the company supported such policy and made all payments in Bitcoin invalid. Nevertheless, the founder of service believes in the prospects of blockchain technology for the cloud storage and logistics of the corporation.
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