Chinese Ride-Hailing Giant DiDi To Pilot China’s CBDC

The Chinese ride-hailing firm, DiDi is forming a task force to strategize and implement a pilot test of China’s Central Bank Digital Currency on its conveyance platform.

The company has collaborated with the Digital Currency Research Institute of the People’s Bank of China (PBoC) in an attempt to quicken the application of the Central Bank Digital Currency, dubbed Digital Currency Electronic Payment (DCEP).

The firm mentioned,

“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.”

The company further said,

“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.”

Additionally, it was reported that the test phase is continuing in 4 Chinese with particular commercial shops like Starbucks, McDonald’s, and Subway in addition to several government entities participating in the trial.

Furthermore, as per a report published by a local news outlet, certain government agencies were set to obtain and consume their transportation grants in the form of DCEP.