Huawei established an alliance with the Central Bank of China to develop research projects in innovative technology and digital currencies.

One of the world’s largest technology companies Huawei has just signed an important cooperation alliance with the most important financial institution in the Asian country, the People’s Bank of China (PBoC). According to local media, the main interest is to develop important research and technology development projects related to digital currencies.

Fan Yifei, who is Vice President of the PBoC, attended the signing of the treaty among both parties. According to some official sources, all the effort is oriented to the research development of technology related to digital currencies. This is the reason why the work will be under the direct tutelage of the PBoC Digital Currency Research Institute, and the technology company Huawei.

The information was recently published in local media, where only the event was detailed, without offering more information about what is planned.

The review only had basic information about the alliance, without any further information regarding the orientation of the research, or if they will use blockchain technology and digital currencies in the development. In addition, everything indicates that the project is being careful of the competition, so the spokesmen of the company have not issued more details or opinions.

On previous occasions, the interest of the Central Bank of China has been to design and launch, to its economic market, its own cryptocurrency. In this way, this alliance with the technological giant Huawei indicates a possible progress in that project for the future.

The lack of information on what they would be designing could also indicate that it is an initiative of the Chinese Central Bank, since it would be a work oriented to the economic activity of the country. Also, it is something that must be treated with a high level of security.

With respect to the position of the Chinese government on these technologies, it is known that they have remained in a strong ambiguity regarding the use of cryptocurrencies.

However, the Chinese government has been especially interested in implementing blockchain technology in many of their economic fields, this in order to enhance the financial activities of that Asian country. Hence, the government has not only allowed the development of blockchain platforms to private companies, but now it could start by implementing the benefits of blockchain in public and government activities.

The words of the President of the Asian country are an example of the aforementioned since Xi Jinping recently said that blockchain technology must be a high priority to advance in the development of different projects.

“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation”.

Therefore, China currently assumes a stronger focus on the benefits of innovative technology offered by blockchain technology.

By María Rodríguez


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