As the People’s Bank of China (PBoC) – the country’s central bank – is said to have engaged in negotiations. With a giant online food distribution network to check the digital yuan. The roll-out of China’s much-discussed central bank digital currency (CBDC) is getting one step closer.
Citing “people with direct knowledge of the matter,” Bloomberg’s article published today said the PBoC’s research arm had spoken with Chinese food delivery giant Meituan Dianping about potential “real-world uses” of virtual currency. Sources that asked not to be named, disclosing private conversations. Added that the trial’s details had not yet been worked out.
In addition, one of the sources reported by the central bank is also talking to Bilibil Inc. A major video streaming service supported by tech giant Tencent in China.
Meituan Dianping operates one of China’s major mobile food delivery and restaurant reviews applications. And sees regular transactions in billions of US dollars, according to the study.
This added that a digital currency trial on Meituan ‘s app “would drive mass acceptance” among the common people. As well as “wide Beijing ‘s global lead in government-backed virtual currencies.”
The news of the partnership between the PBoC and Meituan comes after it was announced last week that the central bank has also reached an agreement with China’s Uber-like ride-sharing company, Didi Chuxing, to “explore the applications of the digital yuan” in the world of “smart travel” in the field of “mobile travel.”
As noted, China’s digital yuan drive comes in response to Facebook’s Libra project, which the Chinese government fears would make its way into China’s economy if not offset by a solution for domestic payments.