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.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.