China's CB attracted another development team to test token

by in Cryptocurrency News

China

The number of participants in the Chinese Digital Currency (CBDC) launch project continues to expand.

The People's Bank of China announced that a startup specializing in the development of services based on AI is going to take part in testing the digital version of the renminbi.

The SenseTime team has entered into a partnership agreement with the Central Bank Research Institute, which is working on the launch of the cryptocurrency.

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The startup has attracted funding from the giant Alibaba in the amount of up to $ 800 million in 2018. This Hong Kong company will develop software to assess the risks associated with the massive introduction of the Chinese token.

Note that the People's Bank of China has already achieved great results in the creation of a regulated digital currency.

The coronavirus pandemic has slowed research in this direction. Still, the leadership of the Central Bank promises not to stop halfway and to issue a coin very soon.