A subsidiary of Chinese e-commerce giant JD.com has partnered with the Digital Currency Research Institute at the People’s Bank of China (PBC).
According to local media reports, JD.com and the Digital Currency Research Institute will jointly develop mobile apps, wallets and blockchain platforms that will be used to power the digital yuan. Media reports that mobile apps will support the digital yuan and integrate with existing JD Group platforms and services.
Recall that this spring, the Digital Currency Research Institute attracted Hong Kong-based startup SenseTime to a project to introduce the digital yuan. The NBK is also actively engaging private companies in testing the China Digital Currency Payment System (DCEP). In April, it became known that Starbucks and McDonald’s are among 19 restaurants and retail stores that will participate in the testing of China’s state cryptocurrency in the Xiongan area.
In July, Chinese transportation conglomerate DiDi said it was forming a task force to develop and deploy a test version of the Central Bank of China cryptocurrency on its platform. In the same month, food delivery service Meituan Dianping also expressed its intention to take part in the digital yuan testing. According to the latest information, the NBK considers one of the main advantages of the launch of the digital yuan to be the ability to weaken the dominance of the US dollar.