March 28, 2024

NBK attracts SenseTime startup to accelerate digital RMB implementation

The Digital Currency Research Institute of the People's Bank of China (PBOC) has hired Hong Kong startup SenseTime todigital renminbi implementation project.

Considering that SenseTime specializes inartificial intelligence (AI) and has experience working with large Chinese companies — Xiaomi, Huawei, Alibaba and Weibo — The interaction will not only accelerate the implementation of the Chinese central bank's state-owned cryptocurrency, but will also promote the use of AI technology in the country's financial industry.

Institute and SenseTime will conduct furtherjoint research, develop options for the use of the digital renminbi, and will also elaborate on issues related to risk management during the work of financial organizations with the state stablecoin. In this case, the possibilities of introducing artificial intelligence into the financial sphere will be studied.

Despite the crisis, China is actively implementinginitiatives related to blockchain and digital yuan. Testing of the state digital currency payment system interface began in mid-April, and the PBOC recently stated that the digital yuan will not cause inflation or affect commercial organizations. In addition, China recently launched a blockchain-based service platform that will make it easier and more cost-effective for startups to create their applications.

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