JD.com becomes first online platform to accept China’s digital currency

JD.com

Chinese e-commerce company JD.com Inc said on Saturday it has become the nation’s first digital platform to accept Beijing’s homegrown digital currency.

JD Digits, the organization’s FinTech arm, can accept digital yuan as payment for a number of products on its internet mall, as part of an experimental giveaway of electronic yuan to taxpayers of Suzhou, near Shanghai, according to a post on the company’s official WeChat account.

China’s electronic yuan is one of the world’s most innovative “central bank digital currency” initiatives, as authorities globally respond to threats from private currencies like bitcoin and Facebook’s Libra.

Beneath the Suzhou programme, the civil authorities and the People’s Bank of China (PBOC) will issue 200 electronic yuan “red envelopes” to 100,000 consumers selected through a lottery.

Suzhou’s plot is the 2nd such electronic lottery, following the PBOC issued 10 million yuan (approximately $1.5 million) worth of digital currency to 50,000 randomly selected consumers from the southern city of Shenzhen.

PBOC Governor Yi Gang stated last month that more than two billion yuan had been spent using China’s digital currency so far in 4 million individual transactions.

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The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Winni Zhou and Andrew Galbraith. Editing by William Mallard.

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