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| JD.com pays some employees in digital yuan |
China's plan to introduce its digital currency (called the digital renminbi) is getting strong support from its tech pool.
Chinese e-commerce giant JD.com (JD.com), which competes with Alibaba, said on Monday that it has been paying some employees in digital yuan, the country's virtual physical currency, since January.
In the past few months, China has made efforts to use digital currencies. In October, the southern city of Shenzhen, known for its advanced economic policies, distributed a cryptocurrency worth 10 million yuan to 500,000 residents. With this money, they can shop both online and offline at some retailers.
Many other big cities in China have followed the Shenzhen line. Residents of these areas must submit an application to specific banks to be able to use the digital RMB for collection and payment.
The digital currency project is a team effort involving Chinese regulators, commercial banks, and technology solution providers.
The program always simulates the actual transaction of a RMB. Under the leadership of the central bank, the six largest commercial banks in China have allocated digital renminbi to smaller banks and a network of technology solution providers to integrate more use cases. The field of electronic money
JD.com (JD.com) has partnered with the Industrial and Commercial Bank of China (ICBC) to deposit digital revenue.
The e-commerce giant is one of the first organizations in China to use digital renminbi to pay salaries. Some officials in the eastern city of Suzhou began using digital currency to receive salaries in August.
Large Chinese technology companies in various fields have actively participated in building the RMB digital ecosystem, helping the central government better track the flow of money.
In addition to JD.com, the Bilibili video streaming platform and on-demand service providers Meituan and Didi Apps also accept digital currency for user purchases.
Games and social media giant Tencent has grown into a digital RMB operator and has been involved in developing, researching, developing and operating electronic money.
After the IPO slump, the newly designed Ant Group has also struggled with a slump with the central bank building a digital money transfer infrastructure.
The telecom giant Huawei has first introduced a wallet through its smartphone model. Even when the device is not connected to the Internet, users can consume the digital yuan with the wallet on site.