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Digital Yuan CBDC Momentum Grows as More Chinese Firms Get to Testing

Despite the global economic crisis and the consequences of the coronavirus pandemic, the development of the Chinese national cryptocurrency, the Digital Currency Electronic Payment, is steadily progressing. The increase in the number of large companies joining the digital yuan initiative as partners in testing and implementing the technology is clear evidence of the progress the project is making in its development. 

Meituan Dianping, the country’s largest wholesale and delivery platform for products, has become the latest corporation to agree to assist the People’s Bank of China in testing and implementing the initiative. The platform currently has almost 450 million customers and about 6 million companies using it to sell their products.

Earlier, DiDi Chuxing, the Chinese Uber counterpart with a client base of about 550 million, and streaming platform Bilibili, which is used by more than 170 million, also joined the testing of China’s national digital currency. Additionally, Simon Li, founding partner of Chain Capital, revealed to Cointelegraph that DiDi will become the world’s first private enterprise to accept central bank digital currency payments.

What is in it for these companies?

The People’s Bank of China started selecting the first merchants for testing the DCEP back in April. As reported by Cointelegraph, the list supposedly included mainly retail companies, especially food and beverage ones such as Starbucks and McDonald’s.

The choice behind entities such as DiDi, Bilibili and Meituan Dianping can be explained by the fact that their users make transactions worth several billion dollars daily. Such volumes can significantly accelerate the popularization, and hence the adoption, of a digital yuan.

The total number of customers of the three services combined is over 1 billion people located not only in China but also in Australia and several countries in South America, according to statistics provided by the companie...

Continue on cointelegraph.com
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