January 27, 2023

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

The People’s Bank of China Digital Currency Institute has signed an agreement with one of the largest companies in the field of telecommunications 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 stablecoin, why wait until Libra arrives? The state has more advantages than the Internet company, ”said Ren Zhengfei.

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

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