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China's largest transport company DiDi will test the digital yuan

China’s largest transport company DiDi will test the digital yuan

Chinese transport conglomerate DiDi is forming a task force to develop and implement a test version of the Central Bank of China’s cryptocurrency on its platform.

A spokesperson for DiDi said that the company has entered into a strategic partnership with the People’s Bank of China (PBOC) digital currency Research Institute in order to accelerate the implementation of the DCEP digital currency electronic payment system.

“In accordance with the NBK’s overall strategy and implementation schedule for DCEP, the DiDi DCEP working group will develop and implement pilot projects of the payment system in accordance with strict security, protection and management standards,” the statement said. “This partnership is a key milestone in DiDi’s ongoing initiatives to improve connectivity between the online and offline sectors of the economy in China, as the government seeks to support the development of real economy sectors through innovative financial services.”

Although details of the pilot project deployment are not yet known, this initiative could be one of the first real uses of China’s state-owned cryptocurrency, as DiDi provides taxi, car and Bicycle rental services, as well as logistics and delivery services for more than 500 million users in the country.

In April, it became known that Starbucks and McDonald’s were among 19 restaurants and retail stores that will participate in testing China’s state-owned cryptocurrency in the Xiunan district. In the same month, it became known that Agricultural Bank of China (ABC) became one of the participants in the pilot program of the Central Bank of China and began testing the interface of the payment system of the national digital currency. At the same time, in may, the Governor of the NBK Yi gang (Yi Gang) reported that there was no specific plan to launch the digital yuan.