Suzhou signs MOU with Cypherium to advance blockchain development after CBDC trials

The MoU marks the intention of the company to contribute to the technical development of blockchain infrastructure in the city, following trials of China’s digital currency electronic payment (DCEP) project within ‘pilot’ city Suzhou, according to the official press release.

According to the official release, Suzhou is a competitive cities in China. In 2018, the city's regional GDP exceeded 1.85 trillion Yuan, ranking seventh in the country's large and medium-sized cities. The city is also one of the pilot cities of China’s CBDC project, recently announcing that China’s two-tier central bank digital currency, the digital currency/electronic payment (DC/EP) will be issued to workers in the city of Suzhou.

State-owned Chinese banks have also been conducting internal, hypothetical-use tests of the People’s Bank of China digital currency in the city as well.