September 7, 2023
By Anjali Kochhar
In exciting news, the Bank of China and the e-commerce giant Meituan have teamed up to make the digital yuan even more accessible. What’s the digital yuan, you ask? It’s China’s own digital currency, and these two big players want to make it even better.
They’ve signed an agreement, sort of like a big teamwork pledge, to work together. This isn’t their first rodeo, though. They started this partnership back in 2021, and now they’re taking it up a notch.
So, what’s the plan? Well, they want to do more than just use digital yuan for regular shopping. They’re getting creative. Think of digital yuan like a super cool tool, and they want to use it for business stuff too. It’s not just about buying clothes or gadgets; they want to use it for all sorts of business deals.
But wait, there’s more! They’re not stopping at China’s borders. They want to see how digital yuan can be used across the world. It’s like a currency adventure. Imagine you could use digital yuan to buy things in other countries. That’s what they’re looking into.
Now, here’s where it gets interesting. They’re not only talking about using digital yuan on smartphones. Nope, they’re thinking bigger. They want to use something called “hardware wallets.” These are like magic cards or special gadgets that don’t need the internet to work. Even if you’re in a place with bad internet, you can still use them to make payments.
China and Russia both want to make sure everyone can use their digital currencies, even if they don’t have a fancy smartphone or a strong internet connection. So, these hardware wallets are part of that plan.
Recently, they had a big meeting where they shook hands and signed this agreement. They promised to use the digital yuan to make financial services better and easier for everyone. Meituan, which is famous for food delivery in China, already lets you pay with digital yuan for your meals. They’re really pushing for more people to use it by giving away special vouchers that you can use on their website. You just need to get a digital yuan wallet, and you’re all set.
And guess what? The Bank of China has been working with another big e-commerce company, JD.com, to test using digital yuan in Hong Kong. They’re like pioneers, trying new things with digital money.
In other news, there’s a small town in China called Likou, and they’re teaming up with the Postal Savings Bank of China to become a “demonstration town” for digital yuan. That means they’ll be showing others how great it is to use digital yuan in their daily lives.
So, in a nutshell, the Bank of China and Meituan are working together to make digital yuan more awesome for everyone, even if you’re not a tech whiz or in a place with great internet. It’s like they’re making digital money magic happen!
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.