<![CDATA[<figure class="image"><img src="https://cimg.co/news/124154/327811/adobestock-528738230-edit.jpeg" alt="A yellow sign emblazoned with the logo of the Chinese e-commerce firm Meituan." srcset="https://cimg.co/news/124154/327811/responsive-images/adobestock-528738230-edit___media_library_original_1500_1000.jpeg 1500w, https://cimg.co/news/124154/327811/responsive-images/adobestock-528738230-edit___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/124154/327811/responsive-images/adobestock-528738230-edit___media_library_original_900_600.jpeg 900w, https://cimg.co/news/124154/327811/responsive-images/adobestock-528738230-edit___media_library_original_720_480.jpeg 720w, https://cimg.co/news/124154/327811/responsive-images/adobestock-528738230-edit___media_library_original_600_400.jpeg 600w, https://cimg.co/news/124154/327811/responsive-images/adobestock-528738230-edit___media_library_original_300_200.jpeg 300w" sizes="100vw" width="1500" class="content-img"><figcaption>Source: Eagle/Adobe</figcaption></figure>The Bank of <a href="https://cryptonews.com/tags/china/">China</a> and the e-commerce heavy-hitter Meituan have signed a <a href="https://cryptonews.com/tags/digital-yuan">digital yuan</a> collaboration deal, with both firms looking to step up their <a href="https://cryptonews.com/tags/CBDC">CBDC</a> capabilities.Per the Securities Times, via <a href="https://stock.stockstar.com/IG2023090300000030.shtml" rel="nofollow">Stockstar</a>, the two firms have sealed a &ldquo;cooperation agreement&rdquo; that will see them &ldquo;deepen&rdquo; their &ldquo;digital yuan cooperation.&rdquo;The new deal will build on the firms&rsquo; existing CBDC partnership deal, signed back in 2021.The companies&rsquo; new agreement will see them co-develop solutions that go beyond retail commerce, the initial focus of the pilot.The two companies will instead also branch out into CBDC-powered corporate services.They will also explore cross-border usage cases for the digital yuan.They will also look beyond smartphone-based digital yuan usage &ldquo;scenarios&rdquo; and expand their adoption of &ldquo;hardware wallets.&rdquo;&ldquo;Hardware wallets&rdquo; or &ldquo;hard wallets&rdquo; refer to smartcards, <a href="https://cryptonews.com/news/chinese-telecoms-firms-growing-increasingly-keen-digital-yuan.htm">SIM cards, </a>or wearable devices that do not require an internet connection to make payments.Both China <a href="https://cryptonews.com/news/russian-regions-welcome-digital-ruble-developments-but-when-will-cbdc-debut.htm">and Russia</a> have insisted that their CBDCs will be available offline and to non-smartphone users to boost inclusivity.In some parts of both nations, network connectivity remains an issue.<figure class="media"><oembed url="https://twitter.com/mikkulakov/status/1697537364984304035"></oembed></figure><h2 id="bank-of-china-meituan-to-deepen-digital-yuan-partnership">Bank of China, Meituan to &lsquo;Deepen&rsquo; Digital Yuan Partnership</h2>The two firms signed their new agreement at a recent service trade fair.And they underlined their commitment to using the e-CNY to &ldquo;improve the availability and convenience of financial services.&rdquo;Early last year, Meituan announced that its Meituan Waimai food delivery network, one of the largest in the country, had <a href="https://cryptonews.com/news/wechat-pay-interoperability-another-key-breakthrough-for-digital-yuan-pilot.htm">added digital yuan payment options</a>.The company has also been trying to spur adoption by <a href="https://cryptonews.com/news/chinese-e-commerce-titan-meituan-announces-new-year-digital-yuan-giveaway.htm">giving away digital yuan vouchers</a> that can be redeemed on its sites, with would-be recipients obliged to open digital yuan wallets.The Bank of China, meanwhile, has been working with another e-commerce heavyweight, JD.com, <a href="https://cryptonews.com/news/jdcom-bank-of-china-join-mainland-china-hong-kong-digital-yuan-pilot.htm">on a cross-border e-CNY pilot in Hong Kong</a>.<figure class="media"><oembed url="https://twitter.com/CGMeifangZhang/status/1697639913917714610"></oembed></figure>Last week, the Chinese town of Likou, in Siyang County, Jiangsu Province, agreed a deal with the Postal Savings Bank of China.The agreement will see Likou <a href="https://cryptonews.com/news/likou-china-become-digital-yuan-demonstration-town-cbdc-adoption-gathers-pace.htm">become a digital yuan &ldquo;demonstration town.&rdquo;</a>
]]>

Bank of China & E-commerce Giant Meituan Strike Digital Yuan Deal

Table of Contents

Cryptonews.com

Other articles published on Sep 5, 2023

Crypto's Liquid Staking Sector Rises to Near Record High with $15 Billion Surge

Ripple News: Top Reasons Why XRP Price Has Dropped More Than 40%

Massive Bargains Await as BITMAIN Releases the Third Batch of Antminer KS3

YC-backed PrimeVault Builds the Future of Institutional DeFi

Polygon zkEVM Upgrade Details Revealed

Bitcoin (BTC) Drop to $23,000 More Than Possible: Here's Why

Join our free newsletter for daily crypto updates!