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Article: Chinese e-commerce platform JD.com kicks off digital yuan trial at Double Twelve shopping festival

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6 / 10

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JD.com conducted a major trial of China's digital currency (DCEP) during its Double Twelve shopping festival, processing nearly 20,000 orders. The trial was a partnership between JD Digits, China's central bank, and the Suzhou local government, marking the first online shopping platform test in the country.

The company stated its large user base and logistics network will help build the DCEP ecosystem, and the trial aims to stimulate consumption. This Suzhou test is part of a broader series of digital yuan trials by China's central bank to advance toward a cashless society.

The main topics covered are the JD.com digital yuan trial, the partnership with the central bank and Suzhou, and China's broader push for a digital currency.

Original URL

https://www.scmp.com/tech/e-commerce/article/3113823/chinese-e-commerce-platform-jdcom-kicks-digital-yuan-trial-double?utm_source=rss_feed

Source Feed

Innovation - South China Morning Post

Published Date

2020-12-14 06:28

Fetched Date

2026-03-04 14:33

Processed Date

2026-03-04 15:06

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Present

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Raw Extracted Content

Chinese e-commerce platform JD.com kicks off digital yuan trial at Double Twelve shopping festival
- JD.com saw nearly 20,000 orders using the DCEP during its Double Twelve shopping festival
- JD.com has partnered with China’s central bank to test 20 million yuan worth of digital currency in Suzhou
JD kicked off the Double Twelve festival on Friday evening with nearly 20,000 orders using the digital yuan, known officially as the Digital Currency Electronic Payment (DCEP), the company said in a WeChat post. The trial, the first for an online shopping platform in China, was conducted as a partnership between JD Digits, the platform’s financial arm, the People’s Bank of China and the local government of Suzhou.
“JD has over 441 million annual active users and nationwide logistics services as well as omnichannel operations, and these advantages will help promote the building of the DCEP ecosystem,” Peng Fei, head of the DCEP programme at JD Digits said in a statement. The test is also meant to stimulate consumption and the real economy, Peng added.
Suzhou may be the first city in China to test digital currency for online shopping, but this was just one of the several digital yuan trials China’s central bank has conducted in the past year in a bid to move the country towards a cashless society.