Reuters / Aly Song becomes the first online platform to accept digital yuan

Renowned Chinese e-commerce company said it was the first digital platform in the country to accept local digital currency promoted by Beijing.

Reuters / Aly Song

JD Digits, the financial and technology arm of the company, will accept digital yuan as payment for certain products on its online store as part of an experimental digital yuan distribution to Suzhou citizens, according to a post on the company’s official WeChat account.

China’s digital yuan is one of the most advanced digital currency initiatives by the official central bank. At the same time, authorities around the world are responding to threats from private digital currencies like Bitcoin or Facebook Libra.

As part of the Suzhou program, the municipal government and the People’s Bank of China (PBOC) will issue RMB 200 digital red envelopes to 100,000 consumers who have been selected through a lottery. Previously, the NBK had already issued 10 million yuan of digital currency for 50,000 randomly selected consumers in the southern city of Shenzhen.

NBK Governor Yi Gang said last month that China’s digital currency has reached more than 2 billion yuan in 4 million individual transactions to date.

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