China’s CBDC Project to Collaborate With More Domestic Enterprises

Development of China’s central bank digital currency, or CBDC, continues to show signs of progress. On July 8, a major domestic e-commerce platform and a video sharing site both joined the CBDC project, according to local news. 

Companies Meituan and Bilibilibili have apparently both begun to cooperate with a number of banks involved in the digital Yuan project. Meituan is a major service platform with over 240 million consumers and five million local merchants, and Bilibilibili is known as China’s largest video sharing website.

In addition, Chinese multinational tech group, ByteDance, is also said to be in close discussion with the banks about CBDC collaboration. 

Cointelegraph reported previously that the ride-sharing giant, Didi, has entered into “a strategic partnership” with the Digital Currency Research Institute of the PBoC.