December 2, 2023

People's Bank of China Digital Currency Institute and Huawei enter into a partnership agreement

The Digital Currency Institute of the People's Bank of China has signed an agreement with one of the largest companies in the fieldtelecommunications Huawei to conduct research in the field of financial technology.

Huawei posted this news inWeChat official account, mentioning "strategic collaboration." However, even after signing a partnership agreement, the Central Bank of China and Huawei have not yet disclosed details whether the joint work of the companies will be focused on blockchain or other innovative technologies.

Huawei CEO Ren Zhengfei has supported China's intention to issue its own digital currency.

“If China can release its own stablecoin, why wait for Libra to come along? The state has more advantages than the Internet company,” — Ren Zhengfei said.

In addition, the head of the Research Institutedigital currencies Mu Changchun believes that the structure of the digital currency from the Central Bank of China will be similar to Libra, with the Chinese stablecoin being used on well-known payment platforms WeChat and Alipay.

It is worth noting that the telecommunications giantHuawei is an active proponent of the latest technologies. Last year, the company launched a blockchain-based BCS service. With this service, international companies and developers can quickly and cost-effectively create and manage applications on the Huawei Cloud platform.