• Meituan, China’s largest e-commerce company, has joined China’s digital yuan trial

  • Chinese trials for its digital currency are underway with Meituan, China’s leading e-commerce platform service. To promote low-carbon travel, Meituan will begin airdropping digital yuan “red packets” worth 10 yuan [$1.55]. The e-commerce platform will begin the airdrop for its customers today and will continue until December 31.

    According to reports, the red packet can be obtained through the Meituan app as part of the registration process. The amount distributed through the airdrop can also be used to pay for the platform’s bike-sharing services.

    In the second quarter of 2021, Meituan was China’s leading e-commerce platform. Its revenue grew by 77%, from RMB 24.7 billion to RMB 43.8 billion.

    It is worth noting that the use of digital yuan has been promoted as being environmentally friendly. Indeed, special efforts have been made to promote it as a carbon neutral product.

    Meituan, Agricultural Bank of China, China Postal Savings Bank, and China Construction Bank collaborated on the digital yuan red packets initiative, which is available to residents in nine regions. These include, among others, Beijing, Shanghai, and the Xiongan New Area.

    By incorporating low-carbon travel into daily life, these regions will be able to earn digital yuan while also promoting the nation’s carbon neutrality. In fact, according to a senior Meituan employee,

    “Our vision is to use low-carbon travel as a breakthrough and to leverage the unique technology of digital yuan to bring the concept of the nation’s carbon neutrality goal into users’ daily lives.”

    Following the massive crypto crackdown, China has definitely increased its efforts to promote its digital yuan. For example, the People’s Bank of China claims that

    “Online asset management, equity crowdfunding, Internet insurance, virtual currency trading, internet foreign exchange trading, and related fields have essentially completed the rectification work and have been transferred to normalized supervision.”

    With virtual currency now under control and supervised, China is getting closer to its goal of fully centralizing its digital economy.

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