The People’s Bank of China (PBoC), the central bank of china has found a new partner who has desired to work with the bank on the digital Yuan project. Chinese ride-hailing giant DiDi Chuxing has reportedly signed a strategic partnership with the People’s Bank of China’s Digital Currency Research Institute to collaborate with the bank on its digital Yuan project.
DiDi Joins Digital Yuan Project
The Digital Yuan project is basically a Central Bank Digital Currency (CBDC) created by the People’s Bank of China. DiDi Chuxing, a Chinese transportation company has become a part of this project by forging a partnership with the central bank.
As per an announcement, DiDi will collaborate with PBoC to work on this project. By collaborating with the People’s Bank of China, DiDi plans to bring to its transportation network the DC/EP solution. Furthermore, the company says in a statement:
“Under PBOC’s overall DCEP strategy and operation timeline, DiDi’s DCEP taskforce will design and implement pilot DCEP projects in accordance with rigorous safety, security and governance standards.”
DiDi currently has more than 550 million users present across Australia, Latin America, and Asia as per the company’s claim. Also known as the Uber of China, the company provides various services to people including food delivery and public transportation services. It is also working on some other major projects apart from the digital Yuan such as the development of an autonomous vehicle subsidiary is its next mission.
CBDC’s official launch date is still unknown
No update has been released from the Chinese officials regarding the official launch date of their central bank digital currency as it is still unknown to the public.
Various Chinese resources report that the development of the Chinese digital Yuan project is in its ending stages. Recently in the month of June, a Chinese Official reported the completion of the background architecture development of the digital Yuan and said that it was going through its testing phase. But still, they have not announced its official launch date.