JD.com Is the First to Accept Digital Yuan

JD.com Is the First to Accept Digital Yuan
December 09
14:31 2020

JD.com, an e-commerce platform in China, has become the first to accept payments in digital yuan, Reuters reports. A branch of JD.com called JD Digits will allow digital yuan as a payment method for products, says the source citing a post on the company’s WeChat.

This initiative will become a part of the Suzhou lottery. In it, the city will have a giveaway of about $3 million in its central bank digital currency. Residents of the city will be able to participate in a lottery. Moreover, they can win one of the 100,000 red packets worth 200 yuan (approx. $30). Registration took place on December 5 and 6, and the winner will be announced on December 11. The winners can spend their winnings at physical locations accepting CBDC, as well as online retailers such as JD.com.

Two months ago, China has completed the trial of its CBDC, the digital yuan, Nasdaq reported. As part of the trial, the country’s central bank gave away 50,000 envelopes as a transfer to digital wallets. Then, each wallet also contained 200 yuan (approx. $30).

Apart from the development of the CBDC, China has recently implemented other innovations related to blockchain. Earlier this year, the country has developed its own blockchain infrastructure initiative and introduced a university major in blockchain engineering.

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