Fintech arm of China's largest online retailer JD.com, JD Technology, has joined the testing of digital yuan. According to an announcement, the fintech firm has been paying salaries in digital yuan since January to some employees. JD also made business-to-business payments via the digital yuan to Unis Electronic Business and Chongqing Xin Ririshun Electric Sales under domestic home appliance giant Haier.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Fei Peng, Head of the DC/EP program at JD Technology, says the company wanted to lower social cost and increase efficiency with the digital currency.
"JD Technology will continue to combine strengths in the supply chain, omni-channel scenarios, advanced technology and client service experience to contribute more to the DC/EP ecosystem," Peng added.
In October 2018, JD.com launched a research blockchain lab with the Ying Wu College of Computing at the New Jersey Institute of Technology (NJIT) and the Institute of Software at the Chinese Academy of Sciences. The joint lab focused on solving efficiency and stability challenges to boost the adoption of blockchain.
Earlier in April, Li Bo, Deputy Governor of the People's Bank of China (PBOC), said the watchdog has no plans to replace the US dollar with its digital yuan. According to Bo, the country's central bank does not want to internationalize its currency, but boost its domestic usage.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.