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China’s JD.com joins digital yuan testing

December 10, 2020 By Crypto Reporter

JD.com Inc. will become the first online retailer to add support for government-backed digital currency

 JD.com Inc, China’s second largest online retailer, is the first online store to join the central bank’s pilot project to test digital yuan.

JD Digits, the e-commerce giant’s fintech affiliate, will introduce a pilot program this month, allowing customers to pay for certain items with digital yuan. Residents of Suzhou city in the eastern province of Jiangsu will receive 100,000 digital cash vouchers, worth 20 million yuan.

Earlier, Chinese authorities reported about launching a new functionality during the pilot phase. Namely, it will offer digital yuan payments as offline transactions. The users will only need to bring their devices with installed crypto wallets in close contact to trigger the transaction.

In October, Shenzhen’s city government distributed a total of 10 million digital yuan as lottery to thousands of randomly selected citizens following People’s Bank of China’s announcement to use the national cryptocurrency during the Olympic Games in Beijing in 2022.

More news:

  • Foreign visitors to China will be able to use the digital yuan without a local bank account
    Foreign visitors to China will be able to use the digital yuan without a local bank account
    July 26, 2021
  • China to give out $6.2 million in digital yuan to Beijing residents in continuous trial
    China to give out $6.2 million in digital yuan to Beijing residents in continuous trial
    June 9, 2021
  • Kazakhstan completes CBDC testing, ready for phased rollout
    Kazakhstan completes CBDC testing, ready for phased rollout
    December 26, 2022
  • Turkey makes progress with digital lira
    Turkey makes progress with digital lira
    December 30, 2022
  • U.S. second-oldest State Street bank to focus on digital finance 
    U.S. second-oldest State Street bank to focus on digital finance 
    June 23, 2021
  • El Salvador passes a digital assets law paving the way for bitcoin bonds
    El Salvador passes a digital assets law paving the way for bitcoin bonds
    January 14, 2023

Filed Under: General News, News Tagged With: China, cryptocurrency, Digital yuan, JD.com, news

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