Suzhou Efforts are Channeled Towards Scaling the Use of the Digital Yuan

 CLS, a local news source in China recently disclosed that three giant Chinese entities-Bilibili, Didi, and Meituan are availing themselves in the most recent experiment of the country’s Central Bank’s Digital Currency (CBDC) project.

As at press time, applicants who scale the set lottery based trial in Suzhou are allowed to expend their digital yuan winnings through three platforms dubbed Meituan’s bike-sharing platform, Bilibili’s video-sharing site, and Didi’s taxi service according to the report which makes reference to the Financial Associated Press.

In the last couple of months, China has been working out its CBDC via the People’s Bank of China. China’s National Bank has been working with commercial banks and other financial institutions to obtain feedback on user experience. One digital commercial firm dubbed “JD.com” is also set to participate in the Suzhou test that will facilitate the use of the digital yuan at a digital mall.  

The December 12, 2020 giveaway saw about 10,000 Sozhou residents apply for 200 digital yuan prices. These CBDCs can be expended virtually through physical stores that use appropriate P0S technology suitable for such. Online Chinese companies may also be used as vehicles to utilize these CBDCs. The CLS Report reveals that about 6 (six) banks are set to participate in this Suzhou event.