Chinese e-commerce firm JD.Com says it’s become the first online platform to accept the nation’s central bank digital currency (CBDC).
- As reported by Reuters on Saturday, JD Digits – the company's digital technology arm – will accept the digital yuan at its online shopping center during the second mass giveaway of the token in the city of Suzhou.
- CoinDesk previously reported that the event, a kind of lottery, will allow the city's residents to apply to win 200 digital yuan as happened with the first such giveaway in Shenzhen in October.
- According to Reuters, there will be a total of 10,000 winners this time round, who will be able to spend the tokens at stores that are set up with point-of-sales technology that can handle the CBDC.
- The Suzhou lottery kicks of on Dec. 12 – a shopping festival known as "Double 12" – and is said to be trialing functionality of the token including offline (phone-to-phone) payments.
- Seemingly preparing the ground for the launch of the CBDC, China’s central bank proposed a banking law in October, recognizing the renminbi in both physical and digital form, and outlawing all third-party rivals. This would likely be a blow to cryptocurrencies like Tether's yuan stablecoin if passed.
- See: Proposed Chinese Law Outlaws All Yuan-Pegged Tokens – Except for Its CBDC
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