Photo taken on Feb. 12, 2021 reveals a digital RMB purple envelope throughout the “Digital Wangfujing Snow and Ice Shopping Festival” in Beijing, capital of China.
Costfoto | Barcroft Media through Getty Images
GUANGZHOU, China — Chinese e-commerce firm JD.com has paid some employees with the digital yuan because the nation’s central financial institution seems to increase the scope of its use.
The People’s Bank of China (PBOC) began work on the digital currency/electronic payment (DC/EP) in 2014. Also identified the digital yuan or e-CNY, the digital currency is a manner to substitute cash and money in circulation and is primarily centered on home use.
The digital yuan has not been rolled out nationwide but, however the PBOC has carried out a lot of trials throughout main cities in China. These pilot initiatives are carried out in the form of lotteries the place the digital yuan is handed out to residents of a metropolis for them to spend at sure retailers. JD.com has participated in these trials.
