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Cryptocurrency

Giant Chinese Online Retailer JD.com To Enable Purchases With The Digital Yuan

The development of the Chinese CBDC continues as the second-largest online retailer in the country has agreed to be the first virtual mall to use it.

As some nations still dabble on the idea of launching its own central bank digital currencies, China has doubled-down on testing the digital yuan, and JD.com has agreed to begin testing. 

  • According to the Bloomberg report, the fintech affiliate of the e-commerce giant called JD Digits will launch a pilot program by the end of December, enabling customers to purchase certain items with the digital yuan.
  • Furthermore, JD plans to issue 100,000 digital cash vouchers worth 20 million yuan on December 11th to stimulate residents of Suzhou city in the eastern province of Jiangsu to engage with the innovative currency.
  • Becoming the first virtual mall to enable digital yuan usage is part of JD Digits’ attempts to support and promote the country’s initiatives of merging the digital and physical economies. 
  • Earlier this year, China sent $1.5 million worth of the digital yuan to 50,000 Shenzhen citizens to use the funds for everyday purchases. Despite analysts claiming that this was a significant step forwards, most users weren’t impressed, asserting that the CBDC lacked distinctive features.
  • Nevertheless, the world’s most populated nation hasn’t slowed down on the CBDC development. Other reports informed that the People’s Bank of China tested the digital currency even with small retail transactions. 
  • China’s leadership on the matter has reportedly worried the US Director of National Intelligence, John Radcliffe. He recently sent a letter to the SEC Chairman saying that the US will struggle with keeping up with China. 

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