Digital CurrencyBank of China & E-commerce Giant Meituan Strike Digital Yuan Deal

Bank of China & E-commerce Giant Meituan Strike Digital Yuan Deal

The Bank of China and the e-commerce heavy-hitter Meituan have signed a digital yuan collaboration deal, with both firms looking to step up their CBDC capabilities.

Per the Securities Times, via Stockstar, the two firms have sealed a “cooperation agreement” that will see them “deepen” their “digital yuan cooperation.”

The new deal will build on the firms’ existing CBDC partnership deal, signed back in 2021.

The companies’ new agreement will see them co-develop solutions that go beyond retail commerce, the initial focus of the pilot.

The two companies will instead also branch out into CBDC-powered corporate services.

They will also explore cross-border usage cases for the digital yuan.

They will also look beyond smartphone-based digital yuan usage “scenarios” and expand their adoption of “hardware wallets.”

“Hardware wallets” or “hard wallets” refer to smartcards, SIM cards, or wearable devices that do not require an internet connection to make payments.

Both China and Russia have insisted that their CBDCs will be available offline and to non-smartphone users to boost inclusivity.

In some parts of both nations, network connectivity remains an issue.

Bank of China, Meituan to ‘Deepen’ Digital Yuan Partnership

The two firms signed their new agreement at a recent service trade fair.

And they underlined their commitment to using the e-CNY to “improve the availability and convenience of financial services.”

Early last year, Meituan announced that its Meituan Waimai food delivery network, one of the largest in the country, had added digital yuan payment options.

The company has also been trying to spur adoption by giving away digital yuan vouchers that can be redeemed on its sites, with would-be recipients obliged to open digital yuan wallets.

The Bank of China, meanwhile, has been working with another e-commerce heavyweight, JD.com, on a cross-border e-CNY pilot in Hong Kong.

Share This Post

Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

Related Posts

OKX Appoints Linda Lacewell as Chief Legal Officer Amid Regulatory Challenges

Cryptocurrency exchange OKX has named Linda Lacewell as its...

Blockchain Association CEO Kristin Smith to Lead New Solana Policy Institute

Kristin Smith, the longtime CEO of the Blockchain Association,...

BlackRock Expands into Europe’s Cryptocurrency ETP Market with Bitcoin Strategy

BlackRock has officially entered Europe's cryptocurrency exchange-traded product (ETP)...

Dogecoin Price Surges Following Launch of Official Dogecoin Reserve

Dogecoin's price surged by more than 5% following the...

BlackRock Launches iShares Bitcoin ETP in Europe with Competitive Fee Structure

BlackRock is set to launch its iShares Bitcoin Exchange-Traded...

FOMC Rate Review Poised to Stir Crypto Market Volatility

The Federal Open Market Committee (FOMC) is set to...