Photo taken on Feb. 12, 2021 shows a digital RMB red envelope during the “Digital Wangfujing Snow and Ice Shopping Festival” in Beijing, capital of China.
Costfoto | Barcroft Media via Getty Images
GUANGZHOU, China — Chinese e-commerce company JD.com has paid some employees with the digital yuan as the country’s central bank looks to expand the scope of its use.
The People’s Bank of China (PBOC) began work on the digital currency/electronic payment (DC/EP) in 2014. Also known the digital yuan or e-CNY, the digital currency is a way to replace coins and cash in circulation and is primarily focused on domestic use.
The digital yuan has not been rolled out nationwide yet, but the PBOC has carried out a number of trials across major cities in China. These pilot projects are conducted in the form of lotteries where the digital yuan is handed out to residents of a city for them to spend at certain retailers. JD.com has participated in these trials.