China’s Largest Wholesale Products Platform Collaborates With Central Bank To Test Digital Yuan

Meituan Dianping, the major Chinese wholesale and delivery platform for products, has become the newest establishment to collaborate with the People’s Bank of China in piloting and enforcing the CBDC initiative of the government. Presently, the platform has around four hundred and fifty million customers and approximately six million establishments using it to sell their goods and services.

Previously, the Chinese counterpart of Uber, DiDi Chuxing, with a customer base of around five hundred and fifty million, and Bilibili, a popular streaming platform in China, that is used by more than one hundred and seventy million individuals, also participated in the testing of China’s central bank digital currency.

It is to be noted that the aforesaid corporations will enjoy a noteworthy competitive advantage by introducing CBDC into their products.

Regardless of the global economic tribulation and the consequences of the COVID-19 epidemic, the rise in the number of big corporations joining the digital yuan initiative as partners in the initial trial of the technology is a strong indication of the advancement the CBDC project is making in its development.