China Decides to test Digital Yuan on Giant Tencent-backed Food Delivery Platform
To test the Chinese digital currency, digital yuan, the central bank of China will employ the food delivery platform, Meituan Dianping.
Meituan has 435 Million Active Users
Based in Beijing, Meituan Dianping is a food delivery giant having more than 435 million users and its daily transactions reach billions of dollars. Having such a large customer community, Digital Currency Electronic Payment or DCEP will get the attention on a mass level.
“Meituan hosts billions of dollars in daily transactions in realms from meal delivery to online travel services, and its participation would drive mass acceptance and widen Beijing’s global lead in government-backed virtual currencies.”
Bloomberg revealed in the latest report that unknown sources confirmed there is talk going on between the central bank research arm, the Digital Currency Research Institute, and Meituan about rolling out digital yuan for citizens via food delivery.
Bloomberg reported:
“Meituan has been in talks with a research wing of the People’s Bank of China on real-world uses for the virtual legal tender dubbed Digital Currency Electronic Payment or DCEP, according to people with direct knowledge of the matter. The specifics of the partnership have yet to be finalized, they added, asking not to be identified revealing private discussions.”
Tencent-backed company Bilibili Inc. is also engaged in talks with the People’s Bank of China (PBoC), according to the sources.
No Official News Yet
However, the company has not officially announced the partnership with the PBoC. Similarly, no news has been published by the central bank of China to test digital yuan on a mass level.
According to the People’s Bank of China, there is no specific date for the launch of digital yuan which is also known as Digital Currency Electronic Payment or DCEP. Since the Coronavirus pandemic, the central bank has speed up the process in the digitization of state currency.
It is reported in April that the digital currency had tested in four beta cities including Chengdu, Xiongan, Shenzhen, and Suzhou.
Wang Zhongmin, the former vice-chair of the PBoC’s National Council for Social Security Fund, admitted in June that the backend development of CBDC had completed.
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