Digital Yuan Project In China Welcomes New Major Partner

The second highest valued unicorn startup in the world, DiDi, is the newest partner in the Chinese digital yuan project. The forthcoming project, which is expected to revolutionize the way people send and receive yuans in a digital way, just welcomed a major ride-hailing giant.

We are talking about DiDi Chuxing, a company which joined the digital yuan project which is essentially a central bank digital currency (CBDC) developed by the People’s Bank of China or PBoC.

An announcement that DiDi shared with the cryptocurrency news media today shows that the company has entered “into a strategic partnership” with the Digital Currency Research Institute, known as the PBoC.

Together, both of the firms will work on the digital yuan project and potentially bring the DC/EP solution to the former’s large-scale transportation network. DiDi also refers to this network as “the world’s largest one-stop on-demand transportation platform.” As their statement reads:

“Under PBOC’s overall DCEP strategy and operation timeline, DiDi’s DCEP taskforce will design and implement pilot DCEP projects in accordance with rigorous safety, security and governance standards.”

DiDi was also known as “the Uber of China” and claims to have more than 550 million users across Asia, Australia, and Latin America. The services that this company offers mainly include public transportation and food delivery, while the company’s latest reported plans are to create an autonomous vehicles subsidiary and therefore release more than one million self-driving cars by 2030.

The startup is now valued at $56 billion, making it the second-highest valued unicorn startup as per data from CB Insights. Backed by Apple, Tencent, and Alibaba, the company will now focus on the digital yuan project and hopefully make it better.

According to latest reports, the Chinese digital yuan project and its development are coming to a conclusion. In late June, we got updates showing that the former vice chair of the People’s Bank of China (PBoC) National Council for Social Security Fund, Wang Zhongmin, said that the backend architecture for this CBDC has been completed.

The crypto regulation news are yet to update many on the digital yuan process and the official launch date which according to a recent interview, is still unconfirmed.