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

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

On Saturday, JD.com Inc., the Beijing-headquartered smaller rival of Alibaba-backed Tmall, engaged primarily in B2C online retailing industry, said that the No. 2 online retailer in China by transaction volumes and revenues, had agreed to become the nation’s first virtual platform that would accept PBOC’s (People’s Bank of China) home-borne digital currency.

On top of that, JD.com Inc. was quoted saying in a post in the company’s official WeChat account that the Fortune 500 member’s financial technology firm, JD Digits, would begin to accept PBOC’s digital yuan for some of the products at its online store as a part of an experimental allotment of digital yuan for the citizens of Suzhou, located at the outskirts of the Chinese mega-city of Shanghai.

PBOC to issue 200 digital yuan “red envelops’ to 100,000 consumers

In point of fact, latest move from the China’s online retail behemoth JD.com Inc. followed am earlier PBOC statement that said the Suzhou program would involve an allotment of 200 digital yuan “red envelops” to 100,000 consumers chosen via a lottery, while the digital yuan would be issued by the People’s Bank of China in collaboration with the municipal Government.

If truth is to be told, China’s digital yuan turns out to be one of the most progressive digital currencies across the globe after a gauge of global central bank regulators alongside financial watchdogs had prevented the social networking mogul Facebook Inc.

from rolling out its private digital currency, dubbed as Libra, while analysts had also branded Chinese Central Bank’s response as a prudent response against the threats involved in Bitcoin trading which had often been found to have associated with a number of malevolent activities ranging from pay-outs for illicit activities such as child labour and trafficking to money laundering.

Notably, as Central banks across the globe had stepped up efforts to prevent a mass-adoption of private digital assets such as bitcoin into the mainstream fiscal channel, China’s Central Bank Governor Yi Gang was quoted saying in a statement last month that over ¥2 billion worth of digital yuan had been spent so far in as many as 4 million separate transactions.