China e-commerce company JD.com technology and payments company partnered with the Digital Currency Research Institute of the People’s Bank of China.
On September 21, local media reported that JD Digital Technology and the Cryptocurrency Research Institute will drive the development of mobile apps and blockchain platforms that matches the PBoC’s future digital currency. These two sections will also help create wallets that support the Chinese digital currency.
It is reported that the mobile applications will support the digital yuan and integrate with the existing JD Group platforms and services.
China has been the leader in the CBDC world race so far. In June, Wang Zhongmin, vice chairman of the National Social Security Fund Board of the National Bank of Kuwait, announced that the central bank had completed developing the server architecture in its digital currency.
Large Chinese companies such as DiDi Chuxing, Uber Bilibili Live Streaming platform in China, and China’s largest wholesale and delivery platform Meituan Dianping, they are already partners in PBoC to pilot cryptocurrency projects.
The August report also indicated that the Chinese Ministry of Commerce had shared its plans to expand the CBDC trials to the provinces of Beijing, Tianjib and Hebei. Pilot projects have also been implemented in the Greater Bay Area of Hong Kong, which consists of nine cities, including Guangzhou, Shenzhen, Hong Kong and Macau.