Thursday, October 6, 2022

JD.com Pays Its Employees With Digital Yuan

China has been expanding the usage of digital yuan in its country. Recently, an e-commerce giant, JD.com, used the Chinese digital currency to pay some of its employees.

In the year 2014, the People’s Bank of China (PBOC) started working on the country’s CBDC. The aim of their CBDC project was to replace coins and cash with digital currency.

Currently, China is in its trial phase regarding CBDC. The central bank has issued the digital yuan or e-CNY in some of the cities. The pilot projects for digital yuan were organized in the form of lotteries, where the residents received the e-CNY to use at certain retailers. As per the reports, JD.com had also joined those trials.

On April 25, while confirming its cooperation with the PBOC on its pilot projects, JD.com said, “the company used the electronic money to pay salaries for some of its employees in January.” The e-commerce giant further specified that it has also paid other businesses using DC/EP.

A month ago, Li Bo, Deputy Governor at PBOC, has said that they have been looking out for options in the country to increase their digital currency’s trial. According to the reports, in the year 2022, China will be hosting the Beijing Winter Olympics, in which the athletes and the visitors would be allowed to use digital yuan.

Compared to other countries, China is way ahead in the central bank digital currency (CBDC). This digital currency is nothing like bitcoin, in fact, the central bank of the country issues it. 

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