Software Firm From China Says They Are Working On CBDC Project

A software firm from China has also admitted that it is working with the nation’s central bank on the expanding digital currency pilot project making it the second private firm to make this claim over a week as we are reading more in today’s altcoin news.

Another software firm from China admitted to be working on the central bank digital currency, to expand the pilot project. NetEase, the mobile payment software provider named Weifutong Technology revealed to be working with multiple unnamed state-owned banks on the central digital yuan pilots project by the People’s Bank of China which already encompass five major cities and could be expanded to multiple new areas shortly.

Wiefutong is a subsidiary of the Shanghai-based textiles company Huafeng Microfiber and develops back-end mobile pay solutions for multiple banks in the Middle Kingdom. Weifutong said that the digital currency business involves “actively participating in the digital yuan project with a few banks.” the firm also added that due to the terms of confidentiality agreements, it won’t disclose further details of the testing and promotional work for the time being.

The same media outlet said that more details emerged regarding Shenzhen Techno Telecom and its involvement in the project after the Beijing-based company admitted to being working on the pilot earlier this week. NetEase reported that Shenzhen Techno Telecom works with a “large state-owned bank” claiming that its most-recently listed client base includes the central bank with three policy banks and six state-owned commercial banks along with a large number of provincial banks and other financial companies.

Other private companies are also working on the project include the food delivery platform Meituan Dianping and the operator Didi Chuxing. Many experts based in China claimed the likes of Alibaba and Tencent to be working behind the scenes with the People’s Bank of China.

The digital currency approach by China with its Chinese digital yuan is getting better and better accepted by the media, the latest crypto news show. According to a former head at the People’s Bank of China (PBoE), the national cryptocurrency approach is set to favor international payments and domestic retail systems. Zhou Xiaochuan who is the president of the Chinese Finance Association and former governor of the People’s Bank of China (PBoC) spoke about this, outlining two major types of implementations of central bank digital currencies (CBDCs) while speaking at the 2019 Caixin Hengqin Forum.