The transaction volume of digital yuan, China’s central bank digital currency (CBDC), during the Lunar New Year shopping season on JD.com, one of the largest e-commerce platforms in the mainland, was 12 times larger than last year’s amount, state-backed media outlets reported on Tuesday.
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Fast facts
- Digital yuan — officially known as the e-CNY — transactions on JD.com topped 1.5 billion yuan (US$220 million) throughout the year 2022, 10 times greater than 2021 sales. Most digital yuan transactions came from piloting cities of Guangzhou, Shenzhen, Beijing, Suzhou, Chengdu and Shanghai, local media reports said.
- Meituan, another Chinese online shopping platform best known for its on-demand food delivery, observed a five-times increase in digital yuan transactions over the holiday season compared to last year, according to Securities Daily, a Chinese state-backed media.
- During the Lunar New Year Holiday, regional governments of the e-CNY pilot zones handed out 180 million yuan in digital yuan red packets (traditional monetary gifts for holidays) and coupons, according to the Cyberspace Administration of China’s data.
- China’s CBDC is being piloted in 26 cities and provinces. The digital yuan wallet can now be used for payments at more than 90 internet platforms.
See related article: China’s digital yuan needs WeChat, Alipay to boost adoption, experts say