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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.