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Alibaba-backed AI company SenseTime will help China manage the digital yuan

April 28, 2020

While China is driving blockchain projects in the middle of the COVID-19 crisis, The government has used another technology partnership to continue developing the digital yuan in China.

National Artificial Intelligence (AI) startup SenseTime has partnered with the Volksbank of China’s Digital Currency Research Institute (PBoC) to provide its artificial intelligence expertise in reported central bank digital currency tests (CBDC).

SenseTime will accelerate the further development of AI in a common body with PBoC

SenseTime, said to be the world’s most valuable AI startup valued at over $ 7.5 billion, will work with the PBoC Improve risk control and operational capabilities of financial institutionsreports the local news agency South China Morning Post on April 27. SenseTime is supported by global e-commerce giant Alibaba, who led SenseTime’s $ 600 million funding in 2018.

Alibaba-backed AI company SenseTime will help China manage the digital yuanAlibaba-backed AI company SenseTime will help China manage the digital yuan

According to a statement by SenseTime on April 27, the Hong Kong-based startup and the Digital Currency Research Institute Established a joint research department to accelerate the adoption of AI in finance::

“Both sides will jointly set up a research and innovation committee, create application scenarios, jointly develop AI applications in the financial sector and accelerate the further development of AI innovation research in the financial sector.”

Cointelegraph contacted SenseTime for more information and will be updated as soon as we have an answer.

China accelerates blockchain and digital yuan projects amid the COVID-19 crisis

The last assignment takes place during The Chinese government appears to be accelerating its blockchain and cryptocurrency initiatives.

China’s digital yuan is being tested in four cities: Shenzhen, Xiongan, Chengdu and Suzhou. U.S. food industry giants, Starbucks and McDonald’s, are reported to support digital yuan payments in Xiong’an, one of four pilot program locations. According to local reports, China’s digital yuan is scheduled to go into operation in May 2020.

In addition to CBDC, China is also actively working on blockchain implementation at the national level. China reportedly launched the country’s blockchain-based commercial service network on April 25. The project was founded by government agencies such as the State Information Center and carried out in late 2019 to test it.

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