Yesterday at the Digital China Summit, several corporates involved in China’s central bank digital currency (CBDC) outlined their work. One of the most eye-catching was e-commerce giant JD.com which demonstrated how the digital yuan could move seamlessly between organizations and networks. One of the stated objectives of the e-CNY project is to provide interoperability between mobile payment solutions such as Ant’s Alipay and Tencent’s WeChat Pay.
Last March, JD Technology launched a solution Yiqipay – easy enterprise payment – for B2B payments which now supports the digital RMB. It enabled interbank payments to suppliers by using the digital yuan. JD had a digital wallet with the Bank of Communications and its counterparty, Ziguang Digital, received e-CNY through its digital wallet linked to the Bank of China.
Additionally, JD.com Staff in certain regions could receive their wages in digital yuan. Those regions, Shanghai, Shenzhen, Chengdu, Changsha, and Xi’an, are where digital currency pilots are advancing. The staff could either spend the money or transfer it to their bank accounts. To run the pilot salaries, the world’s largest bank, ICBC, upgraded its bank account payroll system to support the digital yuan.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
