DiDi joins China’s digital yuan project

DiDi Chuxing, the Chinese transport giant, has joined the digital yuan project, a CBDC developed by the People’s Bank of China, or BPC.

According to an announcement DiDi shared with Cointelegraph today, the company has established a „strategic partnership“ with the BPC’s Digital Currency Research Institute.

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Together, DiDi and the BPC expert group will work to bring the DCEP (Digital Yuan) solution to the veteran large-scale transportation network, which DiDi also refers to as „the world’s largest single-stop on-demand transportation platform,“ the statement said:

„Based on the overall GCP DCEP strategy and timeline of operation, DiDi’s DCEP team will design and implement DCEP pilots according to rigorous safety and governance standards.

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Known mainly as the „Uber of China“, DiDi claims to have 550 million users in Asia, Latin America and Australia. Its services mainly include public transport and food delivery, while the latest plans reported by the company are to create a subsidiary of autonomous vehicles and release more than one million autonomous cars by 2030.

Valued at about USD 56 billion, DiDi is the second highest rated unicorn startup in the world, according to CB Insights. The company is backed by Apple, Tencent and Alibaba, among others.

There is still no release date for the digital yuan

According to the latest reports from China, the development of the digital yuan is reaching its conclusion. At the end of June, the former vice-chairman of the National Council of the BPC Social Security Fund, Wang Zhongmin, announced that the development of the background architecture of China’s CBDC had been completed.

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However, there is still no official launch date for the Bitcoin Future even though the pilot test is being conducted in several locations, including the cities of Shenzhen, Suzhou, the new area of Xiongan, Chengdu and the future site of the Winter Olympics.