Digital Yuan will be part of the payment options in China’s second largest online retailer

Digital Yuan will be part of the payment options in China’s second largest online retailer

China is once again pushing the boundaries for the digital yuan, which will soon pass a major test in the second-biggest online retailer, JD.com.


6 Dec 2020 , 18:25 @ Thomas Alford

Digital Yuan will be part of the payment options in China’s second largest online retailer

China is once again pushing the boundaries for the digital yuan, which will soon pass a major test in the second-biggest online retailer, JD.com.

This test is reported in the daily Bloomberg, which refers to the official WeChat account, where it was also written that in this test round there will be about 100,000 digital cash vouchers, worth in total 20 million yuan in.

According to official information, JD.com is one of the two massive B2C online retailers in China by transaction volume and revenue and is also a member of the Fortune Global 500 and a major competitor to Alibaba-run Tmall.

Regarding China’s approach to digitization and the CBDC, let us recall only recent statements during the G20 online conference from the President, Xi Jinping, who said:

The G20 also needs to discuss developing the standards and principles for central bank digital currencies with an open and accommodating attitude, and properly handle all types of risks and challenges while pushing collectively for the development of the international monetary system.

On the basis of these statements, China is becoming a kind of mentor and an example in terms of the development of cryptocurrency backed by the central bank.

Read also: The Chinese president is urging G20 officials to discuss and develop the digital currencies of central banks

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