- Dec 07, 2020
- Business Update
JD.com Becomes First E-commerce Platform to Accept Digital Yuan
by Yuchuan Wang
JD Digits (JDD) is providing technology support for Suzhou’s digital yuan program. JDD’s former parent company JD.com, also becomes the first e-commerce platform in China to accept digital yuan for online shopping.
On December 5th, the municipal government of Suzhou, the second largest city in Jiangsu province (100km away from Shanghai), announced to distribute a total of RMB 20 million yuan (approx. US$3 million) in digital currency to its residents.
Suzhou’s residents can receive digital red envelopes through an online lucky draw to be used online and offline. Selected products from JD’s first party business support digital yuan payment. Moreover, nearly 10,000 offline stores including JD’s offline home appliance stores and convenience stores accept the digital currency.
In a collaborative project between Suzhou’s Xiangcheng district and JD, residents can choose to use digital yuan for JD’s cash-on-delivery service.
Earlier this year in September, JD Digits and the People’s Bank of China’s Digital Currency Research Institute formed a partnership in promoting the research and application of digital yuan.