The long-proposed blockchain-based digital Yuan might garner a significant percentage of the country’s digital payments, as the Central bank continually plans to test it with big companies in the country. Today, Meituan Dianping, the biggest food delivery service in China, has been reportedly enlisted to explore the central bank digital currency.
Digital Yuan to be tested by China’s largest food delivery company
As BNN Bloomberg reported on Wednesday, the food delivery company has been discussing with the central bank’s CBDC research unit, to explore real-world application of the blockchain-based digital Yuan. However, the specifics of the Meituan collaboration with the bank’s research unit is yet to be finalized, said the unnamed people familiar with the matter.
Notably, the People’s Bank of China (PBOC) has been reaching terms with big companies in the countries, looking to test the digital Yuan. Recently, reports confirmed that the Chinese rail-hailing giant Didi Chuxing would be testing the Chinese digital currency, and today Meituan comes as an addition to the list.
PBOC enlists big companies to trial its CBDC
Reportedly, local food delivery companies control billions of dollars from their services daily. Partnering with the central bank to test the digital Yuan would enable massive adoption of the digital currency. More so, it will place Beijing at the forefront for digital currency development backed by the central banks.
Besides the development with Meituan, one unnamed person further mentioned that the bank’s research unit is also looking to enlist another Chinese company dubbed Bilibili Inc., to test the digital currency. Bilibili is a video streaming platform that is backed by Tencent.
Noteworthily, the pilot program for the Chinese CBDC already began months ago, however, with four provinces in China. Reports also noted that the digital currency was tested as transport subsidies for civil workers in Suzhou.