China’s CBDC All Set To Be Tested By Tencent-Backed Food Delivery Giant

Sahana Kiran News PublishedJuly 15, 2020 | ModifiedJuly 15, 2020

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China’s CBDC All Set To Be Tested By Tencent-Backed Food Delivery Giant

China has time and again revealed the progress of its Central Bank Digital Currency [CBDC], the digital yuan. Latest reports suggest that the CBDC is all set to test its real-world use cases. Food delivery giant Meituan Dianping is the latest platform to test the digital yuan. 

Food Delivery Giant Meituan Dianping Partners With PBoC

The world has been traversing into the digital age. Digitalization has been beneficial to both, society as well as governments. Even though governments have been steering away from Bitcoin and other cryptocurrencies, they seem to like the idea of virtual currency. However, the idea of the digital form of fiat money, Central Bank Digital Currency [CBDC] was put forth by several governments.

China has been at the forefront of technological development and it seems like the country has upped its financial game as well. China has been developing its very own CBDC, the digital yuan. While the country’s central bank, People’s Bank of China [PBoC] hasn’t revealed the exact date for its release, it seems to be making immense progress in the same.

Earlier today, Bloomberg reported that China’s central bank has been looking forward to testing the digital yuan on the food delivery platform, Meituan Dianping. Located in Beijing, this food delivery giant is backed by one of China’s largest companies, Tencent. The platform, with a user base of 435 million has reportedly been in talks with the central bank to explore the use-cases of the CBDC. However, details pertaining to the collaboration is still underway.

At the beginning of this month, China’s Didi Chuxing, a ride-sharing app revealed that it would test the country’s CBDC as a payment method. Similar to Meituan Dianping, Didi also has a significant user base.

Other Countries Jump On To The CBDC Bandwagon

Even though China has been taking the lead on the development of CBDC, other countries are not far behind. While the USA has been fearing China’s domination over the global financial scene, Japan, South Korea, and many other countries have been making progress in the development of their respective CBDCs.

The Japanese government recently revealed that it was eyeing the inclusion of its CBDC, the digital yen in its economic plan. South Korea on the other hand has been probing at the development of the digital won by setting up a committee for the same.

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Sahana Kiran 133 Articles
Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she's not a HODLER yet, she has eyes on Bitcoin.
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