Chinese citizens have conducted roughly 20,000 transactions through e-commerce platform JD.com in a trial of the country’s <a href="https://www.cryptoknowmics.com/news/pboc-governor-claims-digital-yuan-pilots-already-processed-300m/">Digital Yuan</a>. The trial took place on the Double Twelve shopping festival, a major online shopping spree. Around 80% of the younger population born between 1980 and the 1990s participated in the digital currency trial, with the largest online payment exceeding more than $1,527 or 10,000 yuan. The event took place in Suzhou, a city in East China’s Jiangsu Province.
<h2><strong>JD.com Conducts 20,000 Transaction in Digital Yuan</strong></h2>
As per local media outlet, <a href="https://www.globaltimes.cn/content/1209824.shtml" target="_blank" rel="nofollow noopener">Global Times</a>, JD.Com became the country’s first online platform to accept the digital yuan. As per the e-commerce site, customers took only about 0.5 seconds to conduct their payments.

Besides, the e-commerce platform, around 10,000 physical shops in Suzhou too participated in the digital currency trial.

The Suzhou municipal government gave away 100,000 red packets of 20 million Yuan ($3 million) in total to local residents via lottery. The red packets will be valid until December 27.

In October, Shenzhen city too issued a similar kind of digital yuan pilot program. It handed out over 50,000 virtual red packets containing, each containing 200 yuan. The red packet was distributed over the lottery to 47,000 consumers that spent over 8.8 million digital yuan.
<h2><strong>Digital Currency to be Ready at the 2022 Winter Olympic Games</strong></h2>
Since, the launch of the digital yuan trial, the <a href="https://www.cryptoknowmics.com/news/pboc-believes-issuing-digital-currency-will-become-new-battlefield/">People’s Bank of China</a> had announced launching similar kinds of pilot programs in cities such as Beijing, Tianjin as well as the surrounding province of Hebei. The central bank had also disclosed that the digital yuan will be ready at the 2022 Winter Olympic Games.

However, Cao Yin, managing director of the Shanghai-based Digital Renaissance Foundation said there is no rush to launch the digital yuan while mentioning:

<em>“China should be the first country to launch a digital currency, while countries like the US are looking to summarize China's experience and avoid risks. In a sense, we have only ourselves to compete with on this matter, and there's no need to rush it.”</em>

Nearly 20,000 Transactions Conducted in Digital Yuan Through JD.com

Chinese citizens have conducted roughly 20,000 transactions through e-commerce platform JD.com in a trial of the country’s digital yuan.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Nearly 20,000 Transactions Conducted in Digital Yuan Through JD.com

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