Enterprise-focused blockchain platform Cypherium has entered a Memorandum of Understanding (MOU) with the Jiangsu province city of Suzhou for the development of municipal blockchain infrastructure.
The MOU was signed during the 12th Venture Week for International Elites, which was held in Suzhou from 10 – 12 July 2020.
Suzhou has recently emerged as a key centre for the deployment of blockchain technologies in China, and currently serves as one of the country’s pilot cities for the launch of its Central Bank Digital Currency (CBDC).
“Suzhou is moving towards its ambition to become a leading blockchain district, especially with CBDCs gaining momentum around the world,” said Sky Guo, co-founder and CEO of Cypherium.
“With several trials taking place in the city, especially with workers in the city of Suzhou receiving part of their upcoming transportation subsidies in DCEP, interoperability will likely play a role in determining which projects end up succeeding.”
Cypherium says it has developed the world’s first cross-chain interoperability solution for China’s new CBDC – also referred to as the Digital Currency/ Electronic Payments (DC/EP) system.
According to Cypherium the solution will enable CBDC’s to communicate with each other as well as with domestic industries and wholesalers, while also permitting interoperability through DC/EP-inspired innovations.
China first commenced research into the development of a CBDC in 2014, with People’s Bank of China (PBOC) officials alluding to the “imminent” release of a statutory digital currency at a press conference in August 2019.
PBOC announced at the end of April 2020 that it had commenced internal testing of the DC/EP at locations including Shenzhen, Suzhou, Xiong’an New District and Chengdu, as well as at sites for the Winter Olympics.