Latest News

Digital Yuan To Gain Momentum As Firms Begin Testing

The world of cryptocurrency has seen a lot of changes in the recent times as the market continues to grow. New countries are trying to evolve in the world of digital currency and have notably seen changes. The digital yuan is also in a fast rise as far as digital currency is concerned.

The development of Chinese cryptocurrency is steadily progressing. It has seen an increase in the large number of companies which have joined the digital yuan testing.

The country’s largest wholesale and delivery platform for products Meituan Dianping became the latest to agree to assist the People’s Bank of China.

The platform currently has almost 450 million customers and about 6 million companies using it to sell their products. DiDi Chuxing also joined the testing of China’s national digital currency. The testing is being conducted in cities like Shenzhen, Suzhou, Chengdu and Xiong’an.

“We should see that these current tests are actually still in the research stage, not preparing for immediate launch. Besides, according to the latest report, Didi, Meituan, Bilibili and some other Internet companies have partnered with a list of companies and banks to test DC/EP. Meituan and Didi will explore the application of digital currency on the smart transport platform. Bilibili’s cooperation has started the technology development stage,” Yu said in a conversation to Cointelegraph.

Jeff Chu is the founder of BN Capital and has said that popularization of P2P payment is now gradually increasing.

“The popularization of P2P payment is now gradually increasing, and the usage scenarios have changed from simple transaction payment scenarios to areas such as life travel, entertainment, medical health, and insurance. That kind of peer-to-peer electronic payment software has become an essential tool for payment scenarios in China. We have reason to believe that the relationship between CBDC and WeChat and Alipay will be more of cooperation than competition.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.