PBoC partners with tech giant to test digital yuan

Digital renminbi

The Chinese central bank’s digital currency research unit has partnered with a ride-hailing firm to test digital yuan as a payment method.

The test will be the first real-world application of China’s digital cash, dubbed ‘digital currency electronic payment’ (DCEP). The People’s Bank of China (PBoC) has been investigating the feasibility of a central bank digital currency (CBDC) since 2014.

Ride-hailing tech firm Didi said it has partnered with the PBoC’s digital currency research institute to

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