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July 9, 2020

China’s central bank, Didi collaborate on digital currency development

By Shalini mani

Chinese ride-hailing giant Didi Chuxing (Didi) has reportedly entered into a strategic partnership with People’s Bank of China(PBoC) to accelerate the development of the bank’s planned digital currency.

Under the partnership, Didi will allow the application of the digital currency, Digital Currency Electronic Payment (DCEP), through its on-demand transport platform.

According to reports, the company’s DCEP task force will design and implement pilot DCEP projects in accordance with governance standards.

Didi has been quoted by Coindesk as saying: “The partnership is a key milestone in DiDi’s ongoing initiatives to enhance the interconnectivity of online and offline economic sectors in China, as the government seeks to support the development of the real economy sectors with innovative financial services.”

The company is yet to announce the timeframe for the deployment of DCEP on its platform.

The reports suggest that Didi will work with the PBOC’s overall DCEP strategy and operational timeline.

PBoC’sDCEP is expected to scale up China’s everyday banking activities including payments, deposits and withdrawals from a digital wallet.

Didi offers on-demand transport services to more than 550 million users in China, Asia, Latin America and Australia.

The users can pay for ride-hailing services with bank-issued credit cards and the two available payment platforms using Didi’s app.

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