Blockchain News

Partnership between China’s Digital Yuan Project and Giant DiDi

The nation’s second-highest-valued unicorn startup has partnered with the Chinese central bank to work on the forthcoming digital yuan.

A Chinese central bank building a partnership with the world’s second highest valued unicorn startup, mainly will focus on upcoming digital yuan.

Chinese ride-hailing juggernaut DiDi Chuxing has enrolled the digital yuan project, a CBDC formulated by the People’s Bank of China, or PBoC.

According to a declaration  DiDi dealt with Cointelegraph before, the company has arrived into “a strategic partnership” with the Digital Currency Research Institute of the PBoC.

Jointly, DiDi and the PBoC’s believe tank will reportedly help to bring the DC/EP solution to the former’s large-scale carrier network, which DiDi also relates to as “the world’s largest one-stop on-demand transportation platform.” The statement reads:

“Under PBOC’s overall DCEP policy and system timeline, DiDi’s DCEP taskforce will design and enforce pilot DCEP projects in accordance with strict safety, safety and governance standards.”

Largely known as the Uber of China, DiDi alleges to have 550 million users across Asia, Latin America and Australia. Its assistance mainly involves public transportation and food delivery, while the company’s latest reported plans are to establish an independent vehicles assistant and release more than one million self-driving cars by 2030.

Still no discharge date for the digital yuan

According to the delayed reports from China, the digital yuan’s growth is coming to a conclusion. In late June, the old vice-chair of the PBoC’s Na­tional Coun­cil for So­cial Se­cu­rity Fund, Wang Zhong­min, declared openly that the backend architecture improvement of China’s CBDC has been finalized.

 There is still no accepted liftoff date for the CDBC despite the pilot test being achieved in various areas containing the cities of Shenzhen, Suzhou, Xiongan new area, Chengdu and the future site of the winter Olympics.

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