The digital currency research unit of the Chinese central bank has entered a strategic agreement with ridesharing giant DiDi Chuxing.
The People’s Bank of China (PBOC) Digital Currency Research Institute has just formally executed a strategic cooperative agreement with DiDi Chuxing according to an 8 July report from PBOC’s official news site.
Under the Agreement PBOC and DiDi will “jointly research and explore scenario-based innovation and application of the digital renminbi in the smart transit area.”
The Agreement will also expedite the usage of the digital renminbi in the establishment of a “pluralised transit platform ecosystem.”
“The digital economy has already become a major engine for driving the high-quality growth of the Chinese economy,” said PBOC.
“The statutory digital currency system will become a major infrastructure for growth of the digital economy.
“In recent years PBOC has established a digital currency research institute, which has continually obtained new successes with regard to statutory digital currency R&D.”
China first commenced research into the development of a CBDC in 2014, with PBOC officials alluding to the “imminent” release of a statutory digital currency at a press conference in August 2019.
PBOC announced in April 2020 that internal testing of digital currency had commenced in the cities of Shenzhen, Suzhou, Xiong’an and Chengdu.