![]() The online retailer has become one of the first organizations in China to pay wages in electronic yuan in August, some government workers in the eastern city of Suzhou also began getting paid in the digital money.Īcross the board, China’s major tech companies have actively participated in the buildout of the digital yuan ecosystem, which will help the central government better track money flows. At first glance, the scheme still mimics how physical yuan is circulating at the moment under the direction of the central bank, the six major commercial banks in China, including ICBC, distribute the digital yuan to smaller banks and a web of tech solution providers, which could help bring more use cases to the new electronic money.įor example, JD.com partnered with the Industrial and Commercial Bank of China (ICBC) to deposit the digital income. JD. The electronic yuan initiative is a collective effort involving China’s regulators, commercial banks and technology solution providers. The residents in these regions must apply through selected banks to start receiving and paying by digital yuan. Several other large Chinese cities have followed Shenzhen’s suit. In October, Shenzhen, a southern city known for its progressive economic policies, doled out 10 million yuan worth of digital currency to 500,000 residents, who could then use the money to shop at certain online and offline retailers. JD.com, a major Chinese online retailer that competes with Alibaba, said Monday that it has started paying some staff in digital yuan (since January), the virtual version of the country’s physical currency.Ĭhina has been busy experimenting with digital currency over the past few months. ![]() China’s plan to introduce its digital currency is getting a lot of help from its tech conglomerates. Tencent WeChat supports e-CNY payment Recently, e-CNY APP was upgraded, and the e-CNY Wallet on WeBank(WeChat Pay) was launched.
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