China’s digital currency: Chinese ride-hailing giant Didi signs to test DCEP

A popular Chinese transportation company, Didi Chuxing, will be joining in to trail long-proposed China’s digital currency. This will enable its Chinese users to utilize the digital Yuan amongst other popular payment methods, while still promoting the digital ecosystem in the travel industry. 

Didi signs to trail China’s digital currency

According to the announcement on Wednesday, the Beijing-headquartered ride-hailing company stated that it reached a strategic cooperation agreement with Digital Currency Research Institute. Via the agreement, Didi will study and explore the application of China’s digital currency in the area of smart mobility.

The transportation company commented in the report:

The digital economy has become an important engine driving the high-quality development of our economy, and the legal digital currency system will become an important infrastructure in the development of the digital economy.

Moving forward, Didi mentioned that it would cooperate with the Digital Currency Research Institute by strictly observing the rules proposed by the Party Central Committee and the State Council to improve the ability of the financial service real economy. By so doing, it will promote the integration of the digital economy with the real economy.

No launch date for DCEP

The inclusion of DCEP on Didi could propel more practical use of China’s digital currency, amid the company’s popularity in the country, including its user base. Reportedly, the Apple-backed transportation company sees about 550 million customers. 

Meanwhile, there is still no official date for the launching of China’s digital currency. However, many companies, such as McDonald’s, Starbucks, etc., recently showed interest in trailing the long-proposed digital currency. In June, one of the officials at the People’s Bank of China said the backend for DCEP had been completed.