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e-Commerce Giant JD.com Used China’s Digital Currency to Pay Some Employees

by CBDC Insider
April 26, 2021
in Asia, Business
Reading Time: 1min read
0
e-Commerce Giant JD.com Used China’s Digital Currency to Pay Some Employees
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Chinese e-commerce company JD.com has paid some employees with the digital yuan as the country’s central bank looks to expand the scope of its use.

The People’s Bank of China (PBOC) began work on the digital currency/electronic payment (DC/EP) in 2014. Also known the digital yuan or e-CNY, the digital currency is a way to replace coins and cash in circulation and is primarily focused on domestic use.

The digital yuan has not been rolled out nationwide yet, but the PBOC has carried out a number of trials across major cities in China. These pilot projects are conducted in the form of lotteries where the digital yuan is handed out to residents of a city for them to spend at certain retailers. JD.com has participated in these trials.

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Read more: https://www.cnbc.com/2021/04/27/chinas-digital-currency-used-by-jdcom-to-pay-some-employees.html

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