Cypherium, the enterprise-level blockchain platform, will contribute to the development of blockchain in a large Chinese city.
Cypherium, a partner of global technology giants such as Microsoft and Google, has signed with Suzhou City Municipal Memorandum of Understanding, or MoU, to accelerate the development of blockchain infrastructure in the city. The company announced this news on July 28th.
Suzhou City is a major economic center located in Jiangsu province. One of the most competitive cities in China, Suzhou is one of the pilot cities of the Central Bank of China's digital currency project, the digital yuan.
In April 2020, agencies and companies in Suzhou's Xiangcheng district piloted the CBDC, paying out 50% of the subsidies for transporting local workers in the new digital currency. The project is also referred to as an electronic payment in digital currency, or DCEP. In early 2020, the city also piloted a blockchain-based program for notary services.
