Blockchain, Economy

China’s Digital Yuan Family getting bigger with another Telecoms Provider

The world started to notice that China’s private sector has started to join its blockchain almost every day, and it keeps on growing bigger and stronger.  A new private-sector firm has stated that it is working with the Chinese central bank on its fast-expanding digital yuan pilots.

As per a report coming from Shanghai Securities News, a Beijing-based telecom firm named Shenzhen Techno Telecom confirmed that it was operating on the project, known in China as the Digital Currency Electronic Payment (DCEP) system.

The firm seems to be hesitant to disclose much in the way of detail concerning its involvement in the DCEP project, only going so far as to reveal that it was “participating in DCEP testing and related promotion-related work with a commercial bank.

Late last year, the same company declared a partnership deal with the mobile manufacturer Huawei. The two companies agreed to build a range of fintech security and cloud computing-related solutions.

The telecom firm is the newest public company to join the project, resulting from a ride-share operator and food delivery program.

The information arrives just days after one of the country’s biggest banks, the China Construction Bank (CCB), briefly went live with its digital yuan wallet late last week, reported Hoxun. The state-owned CCB is one of the Middle Kingdom’s “big four” commercial banks and had soft-launched its digital renminbi wallet.

This was faced with a giant flood of interest online over the weekend, with the wallet a hot topic on internet discussions and social media platforms.

The CCB is one of at least four banks operating with the central People’s Bank of China (PBoC) on the digital yuan project, including a quickly evolving pilot in at least five major cities.

The CCB gave a brief statement after pulling the app, writing,

“This feature is yet to be officially released to the public. We appreciate your patience.”

In similar news, China’s state-owned banks announced a flurry of blockchain patents two weeks ago, while Beijing reportedly made a u-turn on its digital yuan development plan. Simultaneously, some specialists think that the digital yuan is unlikely to put a dent in US dollar dominance as the global reserve currency.

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