-10 C°
Traffic jam:   1

Paid 20,000 purchases on JD.com in 24 hours

14 December 2020
2 min.
Paid 20,000 purchases on JD.com in 24 hours

Digital yuan

Almost 20,000 digital yuan (DCEP) transactions on online retailer JD.com were made by users in the first 24 hours after an experiment began in Suzhou, the Global Times reported.

Municipal authorities handed out 100,000 "red envelopes" worth a total of 20 million yuan ($3 million) to residents through a lottery on the eve of the Double Twelve online shopping festival on Saturday. The funds need to be spent by December 27.

According to JD Digits, the financial arm of the online giant, the first digital transaction was made by a consumer two seconds after 8pm on Friday, when the experiment was launched.

The company clarified that almost 80% of the digital currency payments were made by users under the age of 40. At least one transaction exceeded 10,000 yuan (~$1529).

In addition to JD.com, some 10,000 shops in Suzhou are participating in the experiment.

The DCEP trial in the city was larger than in Shenzhen, where 50,000 "red envelopes" were distributed to residents in October.

Yin Cao, managing director of the Shanghai-based  Digital Renaissance Centre, believes the speed of DCEP adoption will be "cautious" despite active testing.

Also, he said: "In 2021, China will continue to look for more scenarios to test the digital yuan, but a large-scale launch is still unlikely".

In his view, mass adoption of digital currency in the country will happen around 2023.

"China should be the first country to launch a digital currency, while nations like the US are looking to generalise its experience and avoid the risks. In a sense, we can only compete with us on this issue and there is no need to rush", Yin Cao added.

It should be noted that Fed chief Jerome Powell has said that it is important for the US not to get ahead of the curve with the launch of digital currency, but to get it right.

Persons2 and Companies4 in the news

Founding partner of Digital Renaissance
6th Chair of the Federal Reserve
Global Times
Digital Renaissance


Rating companies
119 Mention
98 Mention
92 Mention
85 Mention
Dow Jones
83 Mention
73 Mention
51 Mention


News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Died this year
Born this year