TL:DR Breakdown:
- Popular Chinese companies are reportedly supporting the Suzhou digital yuan distribution.
- The companies said residents could spend the cryptocurrency on their services.
Three big-name Chinese companies – DiDi, Meituan, and BiliBili – will support the upcoming Suzhou digital yuan distribution, as a local business outlet, CLS, reported on Friday. The authorities in Suzhou planned to distribute about $3 million worth of Chinese central bank digital currency (CBDC), also known as DC/EP, to the residents still under the pilot scheme. Shenzhen was the first region to distribute digital currency to residents.
Suzhou digital yuan distribution gains backing
By supporting the upcoming Suzhou digital yuan giveaway, the country’s popular ride-hailing company DiDi, will allow the residents to spend the DC/EP on their services. If the residents choose to activate the digital currency wallets with the Industrial and Commercial Bank of China, the food delivery service Meituan, said they could spend it on their bike-sharing service. Bilibili, a video streaming platform, also said they could access premium animation video content with the digital currency.
It’s safe to mention that the Chinese CBDC is more likely to gain mainstream adoption in China as these big companies continue to integrate support for it. The Suzhou government announced they would distribute about $3 million worth of digital yuan to the residents last week. The digital currency will be distributed on a larger scale in the form of a lottery, according to reports.
Shenzhen, Suzhou promote DC/EP adoption
In October, the province of Shenzhen gave away more than $1 million (ten million yuan) to residents. The distribution also took the form of a lottery. According to reports, the lucky participants could spend the cryptocurrency in local stores. The Shenzhen giveaway also saw the launch of Digital Renminbi, a mobile application that facilitated the exchange of the digital currency, while also serving as a wallet.
