E-commerce giant JD starts accepting China’s digital currency on Singles Day for the first time

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  • JD.com is accepting China’s digital yuan for payments on its e-commerce platform during Singles Day for the first time.
  • While China’s digital currency hasn’t officially launched nationwide, JD’s move to accept it during the world’s largest shopping event highlights the push to test it in a large-scale environment.
  • JD said that as of November 11, more than 100,000 people had used e-CNY on the company’s app during the Singles Day promotion period, which began the evening of October 31 and ended Thursday.

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GUANGZHOU, China – JD.com is accepting China’s digital yuan for payments on its e-commerce platform during Singles Day for the first time.

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While China’s digital currency, the e-CNY, hasn’t officially launched nationwide, JD’s move to accept it during the largest buying event in the world to test it in a Chinese central bank’s large-scale environment emphasizes.

JD said that as of November 11, more than 100,000 people had used e-CNY on the company’s app during the Singles Day promotion period, which began on the evening of October 31 and ended on Thursday.

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If users type “e-CNY” on JD’s app, they will receive instructions to download China’s digital currency app. Those users will receive 15 Yuan ($2.34) to spend. JD is collaborating with China Construction Bank in this.

What is Digital Yuan?

China’s digital yuan is not a cryptocurrency.

Instead, it is a digital form of the country’s currency, designed to replace the coins and cash in circulation. When formally launched, it will be issued by the People’s Bank of China, the central bank through banks and other financial institutions.

Last year and this year, cities around China have been testing the digital yuan by offering citizens free money through a lottery. There are still no concrete plans for a nationwide rollout.

In December, JD became the first online platform to accept a Chinese digital currency. And in April, the company said it paid some employees using e-CNY.

singles day joe What China’s e-commerce players tell of huge discounts and billions of dollars in sales could be a good test to see how the digital currency holds up to the status quo at large.

From December 11 to June 18 this year, 450,000 customers have used e-CNY payments on the JD App and collectively spent more than 100 million yuan (about $15.6 million). They are the last public figures on spending using the digital currency issued by the Jedi.

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