December 2, 2021

China Central Bank will collaborate with Huawei to develop cryptocurrency

China Central Bank will collaborate with Huawei to develop cryptocurrency

People's Bank of China Digital Currency Research Institute (PBoC) has partnered with telecommunications company Huawei, writes The Block, citing the official announcement of the latter in WeChat.

According to Huawei, “strategic collaboration” is aimed at researching financial technology. The company refrained from disclosing other details.

The agreement was signed by PBoC Vice PresidentYifeng Fan while visiting Huawei headquarters. He praised the company's achievements in the development of distributed databases and computer chips.

Last year, Huawei launched a service onblockchain, with the help of which enterprises all over the world can create, launch and manage their applications, taking advantage of the increased speed and reduced costs.

Today's agreement supposedly becamethe first official announcement of PBoC collaboration with a company of this level. Previously, Huawei CEO Ren Zhenfey spoke positively about the prospects of launching a national digital currency in China to compete with the Libra stablecoin.

“China can issue such a currency itself. Why wait until others let her out? The country will always be stronger than a separate Internet company "“He said.

After five years of development, it is expected that the new PBoC payment tool will be released soon.

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