China is in the process of introducing a digital version of its yuan currency. Photo: iStock

Thanks to increasing corporate participation, the development of China’s central bank digital currency (CBDC) is making steady progress.

On July 8, a major domestic e-commerce platform and a video-sharing site joined the project, Cointelegraph reportedciting Caixin, a local news outlet. 

Meituan and Bilibilibili have begun to cooperate with a number of banks involved in the digital yuan project, according to Caixin. Meituan is a major service platform with over 240 million consumers and five million local merchants, and Bilibilibili is China’s largest video-sharing website.

In addition, a Chinese multinational tech group, ByteDance, is also said to be in discussion with banks about CBDC collaboration. 

Meanwhile, Didi, the ride-sharing giant, has entered into “a strategic partnership” with the Digital Currency Research Institute of the People’s Bank of China.