China’s Digital Yuan Gets First Big Test Via Tech Giant Didi
- SoftBank-backed startup has been working on adoption of DCEP
- Specifics of rollout aren’t clear yet, people familiar said
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Ride-hailing giant Didi Chuxing is testing China’s digital cash as a payment method on its platform, in what could be one of the first real-world applications of the electronic version of the yuan.
The SoftBank Group Corp.-backed startup said on Wednesday it’s working with a research wing of the People’s Bank of China on uses for the virtual legal tender dubbed Digital Currency Electronic Payment, or DCEP. That includes testing the token on its ride-hailing platform, people familiar with the matter said. Specifics like when the feature will officially roll out aren’t clear yet, they said, asking not to be identified because the plan is private.