Chinese online retail giant adopts digital yuan for salary payments

Chinese online retail giant adopts digital yuan for salary payments has been using China’s Digital Currency Electronic Payment, or DCEP, system to pay the salaries of some employees since January.

The e-commerce firm revealed the news on Sunday while announcing its participation in the one-year DCEP trial show at the fourth Digital China Summit in Fuzhou slated for April 25 and 26.

Commenting on its digital yuan adoption journey, the company stated that apart from paying staff salaries, JD has also utilized the DCEP in business-to-business payments to partner firms as well as cross-bank settlements.

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As previously reported by Cointelegraph, JD Technology and Digital Currency Research Institute — the company’s fintech arm — has been a DCEP development partner with the People’s Bank of China since September 2020.

In December, the online retailer began accepting the digital yuan as a payment method on its website. According to a previous Cointelegraph report, received almost 20,000 DCEP-funded orders during the first week of adoption.

JD has also supported DCEP trials, contributing about $4.6 million to

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