Photo taken on Feb. 12, 2021 shows a digital red RMB envelope during the Digital Wangfujing Snow and Ice Shopping Festival in Beijing, capital of China.
Costfoto | Barcroft Media via Getty Images
GUANGZHOU, China – Chinese e-commerce company JD.com has paid some employees with the digital yuan as the country’s central bank tries to expand the scope.
People’s Bank of China (PBOC) started work on digital currency / electronic payment (DC / EP) in 2014. The digital currency, also known as the digital yuan or E-CNY, is a way to replace coins and cash in circulation primarily focused on domestic use.
The digital yuan has not yet been introduced nationwide, but the PBOC has conducted a series of trials in major cities in China. These pilot projects take the form of lotteries where the digital yuan is distributed to residents of a city so that they can spend it at specific retailers. JD.com participated in these trials.