3 Chinese E-Commerce Giants Join Latest Digital Yuan Lottery Trial: Report
Didi, Meituan and Bilibili are reportedly taking part in the latest test of the digital yuan, allowing lottery winners to spend the digital currency online.
Dec 11, 2020 at 9:56 a.m. UTCUpdated Aug 19, 2021 at 6:04 a.m. UTC
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Three major Chinese companies – Didi, Meituan and Bilibili – are taking part in the latest test of the central bank's digital currency (CBDC) initiative, according to local news source CLS.
- The report, which cites Financial Associated Press, says successful applicants in a lottery-based trial in the city of Suzhou can spend their digital yuan winnings online via Meituan's bike-sharing platform, Didi's taxi service and Bilibili's video-sharing site.
- China is accelerating its push toward the adoption of a digital currency as the People’s Bank of China works with banks and commercial entities on public pilots to gauge user experience. The Suzhou lottery follows one in Shenzhen in October.
- As reported by CoinDesk, e-commerce firm JD.com is also taking part in the Suzhou test, allowing winners to spend digital yuan at an online mall.
- The latest giveaway on Dec. 12 reportedly sees 10,000 residents of the city apply for 200 digital yuan prizes. They can spend the CBDC at physical stores equipped with the appropriate point-of-sale technology, and now online via major Chinese companies. Shenzhen's trial was focused on bricks-and-mortar stores.
- According to CLS' report, six banks are also taking part in the Suzhou effort.
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