A Chinese Retailer Pays Its Employees With Digital Yuan
The promotion of Chinese CBDC escalates. Recently a Chinese retail mogul JD.com announced that some employees of the company have received their salary in digital yuan (DCEP) since January. They also use it in interbank and commercial accounting.
Customers have already made payments to JD.com with DCEP since October 2020. During the first 24 hours of DCEP testing they have made 20,000 purchases from the vendor using digital yuan as payment. It was a part of testing the CBDC and took place only in several cities, and Beijing and Shanghai are eager to join the experiment.
Six top Chinese banks promote DCEP as a payment rather than Alipay and WeChat Pay that are traditionally used by Chinese citizens in online shopping. China is a real leader of monetary innovation, because now it’s the first country in the world that implements and encourages the use of CBDC while others only work on it.