Rolling up the sleeves: China’s tech giants drive digital yuan adoption
CBDC tests are proceeding toward deployment, as Chinese internet, fintech and e-commerce giants are leading the digital yuan vanguard. While key central bank figures in the West like Jerome Powell and Christine Lagarde appear to be procrastinating on the subject of central bank digital currencies, China continues to make significant progress.China’s digital currency electronic payment project, or DCEP, helmed by the country’s central bank, continues to draw significant private sector participation. From tech giants, to e-commerce conglomerates, many of the major private sector firms are....
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From privacy to political power, China’s digital yuan will have far-reaching implications.
Starbucks and McDonald’s are reportedly not part of the 3,000 merchants piloting China’s CBDC. American fast-food giants like Starbucks and McDonald’s are reportedly not participating in China’s ongoing digital yuan tests.According to an Oct. 14 report by news agency Sina Finance, China’s central bank digital currency, or CBDC, is still being piloted on a “small scale,” primarily involving the retail and catering industry.As reported, a number of foreign merchants, which were rumored to be part of China’s CBDC tests, are actually not using the digital yuan for payment so far.Xiong’an, one....
Some 450,000 JD.com customers have used China’s digital yuan for payments as of June 2021. E-commerce giant JD.com took payments in China’s central bank digital currency (CBDC) at a massive local shopping event.JD.com accepted digital yuan (e-CNY) for payment on its e-commerce application for the Singles Day promotion period which began on Oct. 31 and ended on Nov. 11, the firm confirmed on Thursday.Singles Day is an unofficial shopping holiday in the country that also celebrates people who aren't in a romantic relationship. “100,000 people had used e-CNY on JD.com’s app during the....
Some winners purchased additional digital yuan during the pilot. The vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red packets” of digital yuan.As of Oct. 18, a total of 47,573 out of 50,000 lottery winners in China have received their prizes, Shenzhen authorities officially announced on Sunday. According to the announcement, the winners conducted a total of 62,788 transactions accounting for 8.8 million yuan ($1.3 million). This amount represents about 88% of the total 10 million yuan ($1.5 million) that was to be distributed in the....
China’s banking and digital payment giants are using blockchain technology to add transparency to charity organizations' donation distribution networks.