According to The Block, three large Internet companies from the Celestial Empire will join the digital Renminbi (CBDC) testing being developed by the National Bank of the country.
The list of companies includes the DiDi passenger transportation service, which has already taken part in the first wave of testing. In addition to the taxi aggregator, Meituan food delivery service and Bilibili video streaming platform will join testing. The planned event will be held in the Chinese city of Suzhou with a population of over 10 million.
As part of the testing, the authorities of Suzhou in Jiangsu province are going to distribute 20 million yuan (about $ 3 million) among the residents of the city in a lottery format. The lucky ones will be able to spend digital yuan on the apps of Didi, Meituan and Bilibili. Negotiations between the companies and the Central Bank of China, called “People’s Bank of China”, have been held since July.
In October, a similar lottery was already held in the city of Shenzhen, as a result of which residents received CBDC worth 10 million yuan in bank wallets.