A new CBDC test news came from China, which continues to work on digital yuan. China announced that the country’s second largest online shopping platform will use digital yuan. The platform will be the first virtual mall to use digital yuan.
JD.com, China’s second largest shopping site, is now the first virtual platform to use the digital yuan supported by the Bank of China. It has been learned that the pilot program will start in December. Users will be able to use digital yuan on certain products on the shopping site.
It was stated that certain products on the official WeChat account of the shopping platform will be paid using digital central bank money. It is also reported that an official from JD Digits, the company that the platform is affiliated with, will support the CBDC pilot program to be held in Suzhou.
CBDC worth 20 million yuan will be distributed
China has stepped up its CBDC trials for a while and recently announced that it will repeat the digital yuan distribution in Suzhou, China. Chinese officials announced that a total of 20 million yuan, worth $ 3 million, will be distributed to users in the form of a lottery.
Stating that users in the city can participate in the test by drawing, the officials stated that the results will be announced on December 11, 2020.
Other countries are not yet clear on CBDC
Recently, European Center President Christine Lagarde said that the demand for the digital euro increased, but within the scope of the measures required to ensure user security, such a CBDC could not be issued a few years ago. Fed Chairman Jerome Powell explained that they have not made a decision on whether to issue digital dollars at the moment.
China, on the other hand, continues its CBDC trials at great speed. Considering that people living in China use online payment methods at a high rate, we can observe that the use of digital yuan has increased recently.
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A new CBDC test news came from China, which continues to work on digital yuan. China announced that the country’s second largest online shopping platform will use digital yuan. The platform will be the first virtual mall to use digital yuan.
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