Central bank of China signs deal with Huawei to study blockchain application – Blockchain News

The People's Bank of China has signed a "strategic cooperation agreement" with the smartphone manufacturing giant Huawei. Although much is not revealed, the deal implies a partnership to study the probable application of blockchain technology. China is on the path to digitalize the country's economy, and Huawei recently launched a global blockchain cloud service.

The digital coin department of the Central bank of China has signed a deal with the smartphone manufacturing giant Huawei as revealed on the firm’s official WeChat account. Following the meeting between Fan Yifei, the deputy governor of the People’s Bank of China, and the Huawei executives at the company’s headquarters in Shenzhen, the two had reportedly confirmed a “strategic cooperation agreement.”

Although nothing more is unveiled, the deal seems to be the first significant collaboration to study the applications of the ledger technology. The Chinese government is in full command to adopt and use blockchain to digitalize the country’s economy. The city of Guangzhou recently boarded a 150 million dollar funding to support “outstanding blockchain projects.” President Xi Jinping has announced to make China the leader of the blockchain.

Simultaneously, the smartphone giant Huawei also holds a prominent spot in the industry. It recently launched a global blockchain cloud service that might probably come in use for businesses.

Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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