E-commerce giant JD.com Confirms huge inflow of Chinese CBDCs users

JD.com said that they are getting huge numbers of e-CNY payment users at their online marketplace for shopping. 

In the present time, Chinese authorities are trying their best to push the adoption of the Chinese Central Bank Digital Currency (CBDCs), or e-CNY or Digital Yuan. Many reports confirmed that Chinese authorities banned crypto because they planned to push the adoption of the “digital Yuan” at a high level. Chinese central bank tested the Chinese CBDCs in 2020 but the rollout of the Chinese CBDCs started in the middle of 2021. Now users of Chinese CBDCs are increasing rapidly because of better user cases in the country.

On 11 November, JD.com, the biggest e-commerce company in China, said that there is a huge inflow of Chinese CBDCs users. 

According to JD.com, they started to accept Digital Yuan ( Chinese CBDCs) from 31 October to 11 November to celebrate the unofficial holiday ‘Singles Day’. The company confirmed that JD.com became the first-ever e-commerce company in China to accept Chinese CBDCs. And also their users showed huge interest in using the Digital Yuan payment option. 

One of the spokesperson talked about this matter with the Cointelegraph, a crypto news website, and said: 

“100,000 people had used e-CNY on JD.com’s app during the Singles Day promotion period as of today”

However, the spokesperson refused to disclose how much funds were facilitated In Digital Yuan by 100,000 people at their platform. 

Chinese Central Bank of Digital Yuan’ user’s Privacy

Recently, The governor of the People Bank of China said that Chinese CBDCs are more secure in terms of the privacy of the Digital Yuan users. 

Digital Yuan requires only legal details and they can be used only for legal purposes. However, there are strict rules by the Chinese government that don’t allow the use of the private details of users. But Chinese authorities have the right to control the flow of high amount transactions to comply with the traditional financial laws. 

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