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

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

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Shanghai: Chinese e-commerce company JD.com Inc said on Saturday that it has become the country’s first virtual platform to accept Beijing’s local digital currency.

JD Digits, the company’s financial technology unit, will accept digital yuan as payment for certain products in its online mall, as part of an experimental gift of digital yuan to Suzhou citizens near Shanghai.

China’s digital renminbi is one of the most advanced “central bank digital currency” programs in the world, because authoritative organizations around the world have responded to the threat of private currencies such as Bitcoin and Facebook’s Libra.

According to the Suzhou plan, the city government and the People’s Bank of China (PBOC) will issue 200 digital yuan “red envelopes” to 100,000 consumers selected through lottery tickets.

After the People’s Bank of China issued 10 million yuan worth of digital currency to 50,000 randomly selected consumers in the southern city of Shenzhen, Suzhou’s plan is the second type of digital lottery.

Yi Gang, the governor of the People’s Bank of China, said last month that so far, 4 million transactions using digital currencies have cost more than 2 billion yuan.

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