Academy Hot News Article

Didi partners with China’s central bank on digital currency research and development

2020.07.20 lornaq1221

The article was first produced in South China Morning Post. Link: https://www.scmp.com/tech/apps-social/article/3092379/didi-partners-chinas-central-bank-digital-currency-research-and

By Che Pan

China’s central bank partners with Didi Chuxing to advance its sovereign digital currency payment program trials.

Chinese ride-hailing giant Didi Chuxing (Didi) said it has entered into a strategic partnership with the People’s Bank of China to speed up the research and development of the central bank’s planned digital currency – known as Digital Currency Electronic Payment (DCEP) – via its on-demand transport platform.

“Didi’s DCEP task force will design and implement pilot DCEP projects in accordance with rigorous safety, security and governance standards,” Didi said in a statement on Wednesday.

Didi did not provide further details about the time-frame or the procedures for DCEP to be deployed through its platform, but said it will work with the PBOC’s overall DCEP strategy and operational timeline, without elaborating.

Chinese ride-hailing giant Didi Chuxing (Didi) said it has entered into a strategic partnership with the People’s Bank of China to speed up the research and development of the central bank’s planned digital currency – known as Digital Currency Electronic Payment (DCEP) – via its on-demand transport platform.

“Didi’s DCEP task force will design and implement pilot DCEP projects in accordance with rigorous safety, security and governance standards,” Didi said in a statement on Wednesday.

Didi did not provide further details about the time-frame or the procedures for DCEP to be deployed through its platform, but said it will work with the PBOC’s overall DCEP strategy and operational timeline, without elaborating.

A screenshot of the user interface for the digital yuan sparked speculation of an imminent launch of the sovereign digital currency in April. But Chinese central bank governor Yi Gang said in May that China still had no firm timetable for launch and the limited public trials set to begin soon were just “routine parts of the research and development process.”

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