The Digital Currency Research Institute of the People’s Bank of China (PBOC) has entered a strategic cooperative agreement with the Rural Credit Banks Funds Clearing Centre (RCBFCC).
The Digital Currency Research Institute and RCBFCC executed the agreement on 20 October in Beijing, for undertaking strategic cooperation in the area of digital renminbi application projects.
PBOC said that during the process of advancing digital renminbi trials and development it would also seek to drive digital renminbi-related operations in rural communities, and make full use of pre-existing networks and systems.
Under PBOC’s guidance RCBFCC said that it would strengthen cooperation with the Digital Currency Research Institute, and “provide a new form of combined online service via digital renminbi connection platforms to rural village credit unions, rural village commercial banks and county banks.”
RCBFCC was established in 2006 to serve as a specialist national clearing entity for China’s small and medium-sized rural financial institutions, with an especial focus on the country’s “three rural issues.”
The Centre currently covers nearly 80,000 rural credit unions, rural commercial banks and rural cooperative banks throughout China, and is considered an integral part of China’s payments and clearing system.