JD.com pays employees with digital yuan

27.04.2021 |

One of China’s largest online retailers has talked about paying some of its employees in the people’s bank digital currency. The experiment has been underway since the beginning of the year, but JD.com has only just announced it.

The online marketplace was one of the first to take part in the CBDC testing in the country. At the time of the launch of the ability to pay with digital yuan for real goods in the first day, customers paid for their purchases with the new form of money more than 20,000 times.

In addition to wages, JD.com uses the digital yuan for interbank settlements, payments for goods and services, as well as for settlements with counterparties. Thus, the People’s Republic of China is the leader in the development and implementation of CBDC on its territory. When some states talk only about possible testing, and that in three to five years, the Chinese authorities are actively launching all new areas of use, and banks, including commercial ones, provide access to the innovative means of payment.

Bitcoin’s rising price on online exchanges is also attracting interest in the digital yuan from ordinary citizens. Now it remains to establish international settlements in the national cryptocurrency - the Chinese authorities have every chance, if not to displace, then to significantly reduce the share of the U.S. dollar in the arena of international settlements.