Chinese e-commerce giant JD.com has recently partnered with the People’s Bank of China Digital Currency Research Institute to build mobile apps and wallets to support China’s central bank digital currency (CBDC).
For China’s CBDC, digital currency electronic payment (DCEP), the two parties have reached a strategic agreement to develop mobile and blockchain technology-based platforms. JD.com and the central bank Digital Currency Research Institute will cooperatively develop both online and offline functionalities for the DCEP, including a digital wallet.
According to the local report, JD.com will be leveraging its group to promote the new services. Wang Peng, assistant professor at the Renmin University of China said, “Reaching a strategic cooperation with the Central Bank Digital Currency Research Institute is definitely a major benefit for the company. With the support of the central bank’s digital currency, […] it can enrich the application scenarios of JD Digital.”