Chinese e-commerce giant JD.com used the digital yuan to pay some employees. This is in line with the country’s central bank’s plan to expand the scope of the currency’s use. Notably, the People’s Bank of China (PBOC) started work on digital currency/electronic payment (DC/EP) in 2014. People also call it the digital yuan or e-CNY.
However, the digital yuan has not been rolled out nationwide yet, but the PBOC has carried out several trials across major cities in China. In fact, these pilot projects are given in the form of lotteries where the digital yuan is handed out to residents of a town to spend at some retailers. JD.com has participated in these trials.
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