Awkward moment for Forbes as Chinese media calls the report “baseless”

Forbes had to face an awkward moment today in the Chinese media when their report on the Chinese cryptocurrency was called out to be made on “baseless guesses.” Forbes’s crypto editor, Michael del Castillo released a report stating that Paul Schulte named 7 institutions that will be the first one to have access to the cryptocurrency.

Paul Schulte was the global head of financial strategy for China Construction Bank until 2012. The list included Industrial and Commercial Bank China and Bank of China. The Agricultural Bank of China, China Construction Bank, Alibaba, Tencent, and Union Pay will be the first one to receive the service. The cryptocurrency is dubbed as DC/EP.

Some sources even gave away date to the Forbes journalist that the cryptocurrency will be launched by November 11th, the day that is celebrated as Singles Day. Alibaba made around $30 billion in sales in those 24 hours and broke every single sales record ever.

However, Dovey Wan, a Chinese crypto investor, posted an excerpt from Tencent News that the sources for the news are “not reliable” and “totally baseless guesses.” Chinese media is known to have some ties with the government, and it gives credit to the Tencent’s claims that the sources may not be truthful.

One thing from these reports is sure that the central bank’s cryptocurrency is on its way to the Chinese market. China will try to launch the cryptocurrency before Libra makes it to the market.

Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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