The Digital Currency Division of the People's Bank of China has started to cooperate with Huawei

According to Huawei, "strategic cooperation" is focused on financial technology research. The company refrained from disclosing other details.

The agreement was signed by PBoC Vice-President Eifen Fan during his visit to Huawei headquarters. He praised the company's achievements in the development of distributed databases and computer chips.

Last year, Huawei launched a blockchain service that enables businesses around the world to create, run and manage their applications, taking advantage of increased performance and reduced costs.

Today's agreement is supposed to be the first official announcement of PBoC's cooperation with a company of this level. Previously, Huawei CEO Ren Jennifer spoke positively about the prospects of launching the national digital currency in China in order to compete with Libra stablecoin.

"China can issue such a currency itself. Why wait for others to issue it? The country will always be stronger than a separate Internet company," he said.

It is expected that after five years of development the new payment instrument PBoC will see the light in the near future.