TL:DR Breakdown:
- Chinese online retailer JD.COM has announced plans to support the digital yuan.
- The cryptocurrency will be used to purchase several items from the company once support is completed.
Several companies in China, including the local authorities, are continually rolling out support for the long-planned digital yuan. However, the launch date remains unknown. JD.COM or Jingdong, the largest online retailer in China, is the latest company to support Chinese digital currency. As more companies and key financial services integrate support for the digital currency, there is a high chance that CBDC will play a prominent role in the country’s economy.
JD.COM will support purchases with digital yuan
According to the report, the fintech affiliate of the company, JD Digits, has been tasked with developing a pilot program for the digital yuan this month. With that support, the customers can purchase any item from the e-commerce company using the central bank crypto as another payment option. On this note, the company will reportedly become the first e-commerce company to support digital currency.
In addition to that, the company intends to issue 20 million ($3,060,490) yuan worth of digital cash vouchers to Suzhou city residents on December 11. Meanwhile, the Chinese city authorities recently announced plans to give away the Chinese cryptocurrency through a “red envelope” later this month. As Cryptopolitan reported, many city merchants have already installed NFC QR codes to support the crypto giveaway.
More support for Chinese CBDC
In October, a popular Chinese smartphone maker, Huawei, disclosed that it would integrate a digital wallet on its latest series of phones, to support the digital yuan. This and many other developments somewhat signals that the cryptocurrency will gain mainstream adoption when it finally launches to the entire Chinese region. While in pilot mode, more than $400 million or (two billion yuan) has been processed using the cryptocurrency.
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