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China records almost 20,000 digital yuan transactions on JD.com

TL;DR

TL:DR Breakdown:

  • Suzhou digital yuan giveaway attracted massive participation from residents.
  • The digital currency was mostly used by the younger generation to purchase items on JD.com. 

Following the $3 million digital yuan giveaway by the authorities in China’s Suzhou city, Global Times recently reported significant use of the country’s digital currency in JD.com, one of the leading Chinese e-commerce companies. Besides the increase in payment with the digital currency, the transactions with the DC/EP were reportedly faster. 

Although the transactions and giveaway is still part of the trial scheme, it does indicate how quickly the Chinese residents and local businesses will adopt the cryptocurrency.

Almost 20K digital yuan transaction

According to the report, the Suzhou giveaway was conducted Friday, 8:00 PM Beijing time, with massive participation. During the Chinese Double 12 shopping festival, most of the participants were seen sending the digital yuan of JD.com, which is the first online e-commerce company to accept the digital currency. Overall, nearly 20,000 transactions were processed using the digital yuan within a space of 24 hours.

The fintech subsidiary of the platform, JD Digits, confirmed that transactions with the digital currency were faster. On average, a customer completes a payment with the digital yuan in 0.5 seconds. The Fintech company also noted that the majority of these transactions were conducted by the younger generation from the post-80s and 90s. The largest single transaction on the e-commerce company was over $1,529.

Chinese are interested in DC/EP

While Suzhou giveaway impressively gained massive participation, it does also suggest the interest of Chinese in the soon-to-be-launched digital yuan. Aside from JD.com, there were about 10,000 physical shops that supported the giveaway. Recently, Cryptopolitan reported that three big-name companies in China – DiDi, BiliBili, and Meituan – announced they would support the digital currency.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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