JD.com Inc, agreed to become the nation’s first virtual platform accepting China’s digital currency (People’s Bank of China).
JD.com Inc is the Beijing-headquartered smaller rival of Alibaba-backed Tmall, engaged primarily in B2C online retailing industry.
On top of that, JD.com Inc. stated that the Fortune 500 member’s financial technology firm, JD Digits, would start to accept China’s digital currency for some of the products at its online store as a part of an experimental allotment of digital yuan for the citizens of Suzhou, located at the outskirts of the Chinese mega-city of Shanghai.
PBOC to issue 200 digital yuan “red envelops’ to 100,000 consumers
Actually, latest move from the China’s online retail behemoth JD.com Inc. followed an earlier PBOC statement that said the Suzhou program would involve an allotment of 200 digital yuan “red envelops” to 100,000 consumers selected via a lottery, while the digital yuan would be issued by the People’s Bank of China in collaboration with the municipal Government.
China’s digital yuan is said to be one of the most progressive digital currencies globally after a gauge of global central bank regulators alongside financial watchdogs had prevented the social networking mogul Facebook Inc.
from rolling out its private digital currency, dubbed as Libra, while experts had also branded Chinese Central Bank’s response as a prudent response against the threats involved in BTC trading which had often been found to have associated with a number of malevolent activities ranging from pay-outs for illicit activities like child labor and trafficking to money laundering.
As Central banks all around the world had stepped up efforts to prevent a mass-adoption of private digital assets like bitcoin into the mainstream fiscal channel, China’s Central Bank Governor Yi Gang was quoted saying in a statement last month that over ¥2 billion worth of digital yuan had been spent so far in as many as 4 million separate transactions.