Internet giant JD.com has used an electronic payment system based on China’s digital currency to pay salaries to some employees since January this year.
During this year, the company paid part of its employees’ salaries in digital yuan, a state-owned cryptocurrency developed by China, according to a statement from JD.com. The company also announced its participation in a one-year digital yuan test at the fourth Digital China Summit in Fuzhou.
JD.com said that in addition to paying salaries to employees, it also used the state cryptocurrency for settlements with partners and for interbank settlements. In December, a Chinese e-commerce portal took part in testing the state digital currency. As part of the testing, 20,000 digital yuan transactions were made.
The company also donated about $ 4.6 million for the second free digital yuan lottery in Suzhou in February. Commenting on the company’s continued support for the digital yuan, DCEP Test Leader at JD Tech Fei Peng said:
“JD Technology will continue to test supply chain, multi-channel scenarios, advanced technology and customer service to better contribute to the development of China’s digital currency-based electronic payment system.”
This week, another major company, Ant Group, a division of the Alibaba Group, revealed the extent of its work with the People’s Bank of China (PBOC) on the state-owned cryptocurrency. The company has been cooperating with the regulator since 2017. In addition, analysts believe the digital renminbi is threatening Alipay and WeChat as China’s six largest banks are actively promoting the state-owned cryptocurrency as a payment instrument.
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