Magical Trade
Thursday, May 19, 2022
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

E-commerce giant JD starts accepting China’s digital currency on Singles Day for the first time

by
November 11, 2021
in Trade News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

An energy transition loophole is allowing Big Oil to offload high-polluting assets to private buyers

Scared of getting a mortgage? A strategist on why a 1990s gadget gives her cause to be optimistic

GUANGZHOU, China — JD.com is accepting China’s digital yuan for payment on its e-commerce platform during Singles Day for the first time.

While China’s digital currency, the e-CNY, has not officially rolled out nationwide, JD’s move to accept it during the biggest shopping event in the world highlights the Chinese central bank’s push to trial it in a large-scale environment.

JD said that as of Nov. 11, more than 100,000 people had used e-CNY on the company’s app during the Singles Day promotion period, which started on the evening of Oct. 31 and ends on Thursday.

If users type “e-CNY” on JD’s app, they will get instructions on how to download China’s digital currency app. Those users will receive 15 yuan ($2.34) to spend. JD is collaborating with China Construction Bank on this.

China’s digital yuan is not a cryptocurrency.

Instead, it is a digital form of the country’s currency, designed to replace coins and cash in circulation. When formally rolled out, it will be issued via banks and other financial entities by the People’s Bank of China, the central bank.

Throughout last year and this year, cities around China have been trialing the digital yuan by giving out free money via lotteries to citizens. There are still no concrete plans for a nationwide rollout.

In December, JD became the first online platform to accept the Chinese digital currency. And in April, the company said it had paid some employees using e-CNY.

Singles Day, which sees China’s e-commerce players tout heavy discounts and rake in billions of dollars of sales, could be a good test to see how the digital currency holds up in a large-scale situation.

Since Dec. 11 to Jun. 18 this year, 450,000 customers have used e-CNY payments on the JD app and collectively spent over 100 million yuan (about $15.6 million). Those are the last public figures on spending using the digital currency that JD has released.

ShareTweetPin

Related Posts

An energy transition loophole is allowing Big Oil to offload high-polluting assets to private buyers

by
May 19, 2022
0

An oil flare burns at Repsol's oil refining complex in Cartagena, Spain. Repsol was one of the top sellers of...

Scared of getting a mortgage? A strategist on why a 1990s gadget gives her cause to be optimistic

by
May 19, 2022
0

Historic row houses in Colombia Heights neighborhood of Washington DC, USA amedved | iStock | Getty Images One strategist has...

The Dow Tumbled to Its Worst Day Since 2020. How One Stock Made It Happen.

by
May 19, 2022
0

Traders on the floor of the New York Stock Exchange last week. The Dow Jones Industrial Average had its worst...

Stock futures rise slightly after Dow’s worst day since 2020

by
May 19, 2022
0

Traders work on the floor of the New York Stock Exchange (NYSE) on May 18, 2022 in New York City....

Asia markets sell off as Hong Kong’s Hang Seng leads losses, Tencent shares plunge nearly 7%

by
May 19, 2022
0

SINGAPORE -- Shares in Asia-Pacific slipped Thursday morning after heavy losses on Wall Street overnight. The Nikkei 225 in Japan...

Next Post

Governments and Big Oil were first. The next wave of climate lawsuits will target banks and boards

Stock futures are muted after sell-off induced by hot inflation data

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • ‘Conviction sell’: UBS says avoid these global stocks amid rising headwinds

    0 shares
    Share 0 Tweet 0
  • These are the global stocks to own if stagflation hits, according to Credit Suisse

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net