Bank of China and Meituan Collaborate on Digital Yuan
You may be interested to know that the Bank of China and Meituan, a major e-commerce company, have recently signed a collaboration deal to enhance their capabilities in the field of Central Bank Digital Currency (CBDC). This partnership aims to deepen their cooperation in the development and implementation of the digital yuan.
The agreement builds upon their existing CBDC partnership, which was established in 2021. While the initial focus of their collaboration was on retail commerce, the new deal expands their scope to include corporate services and cross-border usage cases for the digital yuan.
In order to promote inclusivity, the companies are also exploring the use of “hardware wallets” for digital yuan transactions. These wallets, such as smartcards and wearable devices, do not rely on internet connectivity and can be used offline. This is particularly beneficial in areas with limited network connectivity.
Hot Take: Enhancing Digital Yuan Adoption and Services
The collaboration between the Bank of China and Meituan reflects the ongoing efforts to advance the adoption and services related to the digital yuan. By expanding their partnership and exploring new use cases, they are contributing to the development of a robust and inclusive digital currency ecosystem. The focus on hardware wallets further demonstrates the commitment to making digital yuan accessible to a wider range of users. As more companies and institutions join forces to enhance CBDC capabilities, we can expect to see further innovations and improvements in the digital currency landscape.
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