E-Commerce Giant JD partners with China’s Central Bank to Develop Digital Currency

E-commerce giant, JD will work with the People Bank of China and Digital Currency Research Institute for the development of Central Bank Digital Currency.

By · Sep 23, 2020 . 6min read

China Central Bank digital currency news
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According to a media report, the e-commerce giant JD.com has collaborated with the People’s Bank of China & Digital Currency Research Institute to develop mobile apps for China’s digital yuan. It will support mobile applications and blockchain platforms in line with PBoC’s forthcoming central bank digital currency. The two entities will also promote the creation of wallets that support China’s digital currency. This includes online and offline functionality. Precisely, it will support online and offline payments, growth, development, and expansion of a digital wallet.

The construction and application of legal digital currency will efficiently meet individuals’ and enterprises’ requirements under the digital economy conditions and strengthen the digital economy’s rapid development. In recent years, the Digital Currency Research Institute of the People’s Bank of China has continued to research and develop in the legal digital currency field and has achieved new results.

DCEP: A Digital Version of Yuan

The DCEP (Digital Currency, Electronic Payment) is now being trialled and examined at nationalized banks and many businesses backed by Tencent and other companies. The digital currency will serve as cash in China. It will be utilized for local payments via mobile apps. The report further elaborated that the People’s Bank of China started studying legal cryptocurrencies in the year 2014.

Earlier, there have been rumours stating that China’s central state-run banks were already trialling its CBDC digital wallet application. According to the reports, China’s CBDC trials have been taking place in prioritized cities. It includes Beijing, Tianjin, the Greater Bay Area, and Hebei province. However, the test will commence from the most prosperous regions of China. Further, after the trials at developed areas, it will shift poorly developed central and western regions that match unspecified criteria. Thus, the People’s Bank of China lays down the criteria.

JD.com is a Chinese e-commerce company headquartered in Beijing. It is a NASDAQ-100 and Fortune Global 500 firm. Further, it is one of the foremost online retail competitors for Alibaba in China. JD.com develops secure and scalable platforms that work in various areas such as e-commerce, logistics, Internet banking, cloud computing, and smart technology.

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