The People’s Bank of China (PBC) plans to add Tencent-backed food delivery giant Meituan Dianping to its list of platforms that will provide use cases for real-world testing of the digital yuan.
Meituan Dianping is a Beijing-based food delivery platform that currently has more than 435 million active Bitcoin Future users and billions of dollars in daily transactions. This creates a great opportunity for the mass adoption of the digital yuan, which is also known as the Digital Currency for Electronic Payments or DCEP.
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Anonymous sources told Bloomberg that Meituan had been in talks with the research arm of the GCP, the Digital Currency Research Institute, about the use cases for its digital currency from the central bank (CBDC). However, both parties have yet to specify the details of their association.
According to reports, Tencent’s video transmission platform, Bilibili, is also in discussions with the BPC to test the digital yuan. Recently, one of the largest passenger transport applications, DiDi, also joined the project.
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The BPC had already clarified that it does not have a specific launch date for the digital yuan, but the central bank and its research wing have increased their efforts to explore real-world cases of CBDC use.
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In April, some rumors circulated about the launch of a wallet application in four Chinese cities: Shenzhen, Chengdu, Suzhou and Xiongan, for the initial digital currency test.
China’s progress towards testing and launching its digital currency has only gained speed during the COVID-19 pandemic. In June, the former vice president of the National Council for the BPC Social Security Fund, Wang Zhongmin, announced that China had completed the development of its CBDC backend. The government also began drafting legislation for it in March this year.