China- Well-Known Chinese e-commerce giant JD.com made payments to the employees through the digital yuan. This is because the Central Bank of the country is looking out for an effective way to expand the scope of its use. However, the People’s Bank of China (PBOC) has started to work on digital currency or electronic payment in the year 2014. It is also known as the digital yuan or you can say e-CNY, the digital currency is a way for replacing the coins and cash in circulation and is primarily focused on domestic usage.
Moreover, the digital yuan has not been rolled out nationwide but the PBOC has carried out a number of trials across different cities of China. Also, these pilot projects are led in the form of lotteries in which the digital yuan is handed out to the residents of a city for them to spend for certain retailers. Currently, JD.com has participated in these trials.
Well, on Sunday, JD.com mentioned that in a blog post it had cooperated with the PBOC on the digital currency trials. Now, the company even mentioned that it used the electronic money for paying salaries for some of its employees in January. JD has revealed that it has made use of the DC/EP for making the payments for the other businesses too.
Well, JD’s efforts highlight the new uses for China’s digital currency Soon, it comes after the PBOC Deputy Governor Li Bo mentioned before that this month that the central bank will be looking out for the enhancement in the scope trials for the currency. This might involves the allowance of foreign visitors and athletes at the Beijing Winter Olympics in 2022 for using the digital yuan.
Well, China’s digital yuan is not a cryptocurrency like bitcoin. As an alternative, it is used highly by the central bank. China has now taken the lead with the so-called central bank digital currencies as the other monetary authorities are almost around the world.