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Ride-hailing app Didi tests China's digital currency

Ride-hailing app Didi Chuxing has signed on to trial China's central bank digital currency on its transportation platform.

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Ride-hailing app Didi tests China's digital currency

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Didi says it has entered into a strategic partnership with the People's Bank of China's Digital Currency Research Institute to "jointly study and explore the innovation and application of digital RMB in the field of smart mobility".

The deal between the central bank and China's most popular ride-hailing app takes the digital yuan project, in train since 2014, another step closer to launch.

In April trials began taking place across four cities, with big-name western players such as Starbucks and McDonald's taking part in testing. Meanwhile, the four big state-owned banks have been testing a wallet to store and send the currency.

While no definite launch date has been announced, the central bank has hinted at a timeline that meets the 2022 Winter Olympics, which will be held in Beijing.


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