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JD begins accepting e-CNY on Singles Day

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GUANGZHOU, China — JD.comIt will accept the digital currency of China on its ecommerce platform for Singles Day.

Although China’s digital currency, e-CNY has yet to be officially launched nationwide, JD is moving to accept it during the biggest shopping event in the worldHighlights the Chinese central bank’s determination to test it in large-scale environments.

JD reported that over 100,000 people used e-CNY to access the company’s mobile app in the Singles Day promotion, which ended Thursday and began Oct. 31.

When users enter “e-CNY”, they’ll be directed to the JD app. These users will be able to use 15 Yuan ($2.34). JD collaborates with China Construction Bank to bring this about.

What’s the digital yuan, exactly?

China’s digital Yuan isn’t a cryptocurrency.

It is, instead. digital form of the country’s currencyThe aims to replace the cash and coins currently in circulation with the. The People’s Bank of China will issue it via banks and financial institutions when the formal rollout is complete.

Cities around China tried the digital Yuan last year and again this year by giving away their currency. free money via lotteries to citizensIt is possible. However, there are no plans to roll out the system nationwide.

The December issue of JD became the first online platform to accept the Chinese digital currency The company also stated that it has a total of. paid some employees using e-CNY

Day for Singles China’s online commerce players offer huge discounts and make billions. This could prove to be an excellent test for how digital currencies perform in large scale situations.

Between Dec. 11 and Jun. From Dec. 11 to Jun. 18, 2018, 450,000 users have made e-CNY payment on JD’s app. They collectively spent more than 100 million yuan ($15.6 million) These are the most recent public figures JD released on digital currency spending.

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