China takes one step further towards digital currency, as the country’s central bank plans to test it in the food delivery business. Meituan Dianping, a popular food delivery company with 435 million users, is added to the program. This massive number of users makes it a perfect test case for the adoption of digital Yuan.
If the program is successful, then more programs will be initiated. According to unnamed sources, Meituan Dianping has numerous talks with the People’s Bank of China regarding this matter. The program is named the Digital Currency Electronic Payment (DCEP), and it is initiated to educate people about digital currency (digital Yuan). It gained traction during the pandemic situation.
Besides this food delivery company, WeChat, a popular chat platform, Bilibili, a video streaming platform, is also on the list. However, both parties are yet to declare the details of the program. As per our news sources, no specific launch date is decided.
The experts think that digital currency will help the government boost the country’s economy by leaps and bounds. It is faster, cheaper, better, and the central bank wants to control the movement. The officials plan to roll out this currency in the near future. Meituan Dianping offers the perfect initiation ground for that. We have to see how this planning will pan out for China’s and the entire world’s economy.