Chinese ride-hailing giant DiDi Chuxing has joined the digital yuan project, a CBDC developed by the People’s Bank of China.
DiDi Chuxing is the world’s second-highest-valued unicorn startup. The company has entered into “a strategic partnership” with the Digital Currency Research Institute of the PBoC.
PBOC’s Digital Currency Lab Strikes Partnership With Didi Chuxing https://t.co/jWiD31p4Yt pic.twitter.com/XAARsDxWhl — Yicai Global 第一财经 (@yicaichina) July 8, 2020
DiDi and PBoC’s think tank will reportedly work to bring the DC/EP solution to the former’s large-scale transportation network, which DiDi also refers to as “the world’s largest one-stop on-demand transportation platform.”
The statement reads:
“Under PBOC’s overall DCEP strategy and operation timeline, DiDi’s DCEP taskforce will design and implement pilot DCEP projects in accordance with rigorous safety, security and governance standards.”
Known as the Uber of China, DiDi claims to have 550 million users across Asia, Latin America and Australia. Its services mainly include public transportation and food delivery.
The company offers a mobile tech-based mobility option for users across, including taxi hailing, private car-hailing, Hitch (social ride-sharing), DiDi Chauffeur, DiDi Bus, DiDi Test Drive, DiDi Car Rental, and DiDi Enterprise Solutions. As a practitioner in the sharing economy initiative, DiDi Chuxing is working with communities and partners to solve transportation, environmental challenges, and employment problems using big data-driven deep-learning algorithms that optimize resource allocation.
However, the company’s latest reported plans are to create an autonomous vehicles subsidiary and release more than one million self-driving cars by 2030.