Internet giants enter the DCEP ecosystem

The People’s Bank of China plans to test its digital currency on a platform run by the Meituan Review, a step toward making the DCEP more widely available, Bloomberg reported.Meituan has been in talks with the People’s Bank of China’s Institute of Digital Money recently about the use of the digital Fiat currency, called digital currency electronic Payment (DCEP), according to people familiar with the matter.Details of the partnership have yet to be finalised.The central bank’s Digital Currency Research Institute is also in talks with Bilibili about the test, another person familiar with the matter said.

“№1 Institute of Finance” found that the Digital Currency Research Institute of The People’s Bank of China and DiDi had recently formally reached a strategic cooperation agreement to jointly study and explore the scene innovation and application of DCEP in the field of smart travel.

Extrapolating from this, DCEP may be tested in Internet head companies with internet head companies such as DiDi, Meituan and Bilibili.

The recent Internet giants have incoming DCEP ecological construction, marking the our country on the layout of the Central Bank’s digital currency is accelerating. Vice President of ShenZhen Information Services Blockchain Association Yu Weiren in an interview with №1 Institute of Finance, said in the mobile payment era, technology is the support, the scene is the key to attract users.Therefore, in the early stage of the Central Bank’s digital currency application scenario to promote the landing, it is especially necessary to rely on the head of Internet institutions for user drainage.At the same time, Banks, clearing institutions and other multi-actors to promote joint efforts.It can also be seen that in the following application scenarios, digital currency will be more inclined to generate power on the client side.From the head enterprise to a single user, so that it has more life characteristics to enhance the penetration rate of users.

Currently, the Meituan Review has 400m active users, is one of the world’s largest takeout platforms, is widely used by the public. It has a complete clearing system and has high digital currency application value, according to Yu Weiren.With the huge amount of merchants in Meituan, DCEP can deeply expand the application of merchant side, enhance the willingness of merchants to use, and make a new reform of payment method based on this.On the other hand, it can further optimize and upgrade the system’s theoretical reliability, system stability, functional availability, process convenience, scenario applicability and risk control through the performance test of the digital currency technical framework system in multi-frequency use by a large range of users.

In addition, Li Lianxuan, chief researcher of The Cloud Chain Research Institute of OuKe, also told the №1 Institute of Finance that the cooperation between Internet head companies and DCEP will help accelerate the introduction of the DCEP into the eyes of residents.”Transaction data of DiDi, Meituan and other Internet companies are all electronic data, which conforms to the characteristics of the electronic digital money of the Central Bank. It can provide a test scenario for the future application of DCEP.”

Li stressed that the pilot test of DCEP was just a routine work in the research and development process, and did not mean the official release of DCEP. There is no timetable for its launch yet.Therefore, cooperative testing with Internet companies is only a part of the testing process, which does not mean the launch of DCEP, but also means that it is closer to the actual implementation of DCEP.

It can be seen that with the continuous progress of the test, the implementation of the central bank’s digital currency will be further accelerated, which will also bring great changes to the future economic and social life.Jin Yi, chief macro bond analyst at Sealand Securities, told №1 Institute of Finance that the launch of DCEP will help strengthen the government’s monitoring of currency circulation and various statistical work on CNY.In the medium and long term, the promotion of DCEP can also effectively increase the pertinence and effectiveness of the central bank’s monetary policy.Moreover, it is theoretically possible for Central Bank digital currencies to become de-” clearing houses “, a function that, if realized, would undoubtedly have a profound impact on the old global monetary clearing system.

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