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10 May 2021

Digital Yuan Launch Draws Near: JD.com Employees Paid in e-CNY, Tencent, Ant, Mastercard Engage With PBoC – Bitcoin News

Digital Yuan Launch Draws Near: JD.com Employees Paid in e-CNY, Tencent, Ant, Mastercard Engage With PBoC – Bitcoin News


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As each day passes, China’s digital yuan is seemingly getting closer to large-scale adoption, as big-name corporations like the e-commerce giant JD.com, Mastercard, Ant Group, and Tencent have been bolstering the venture.

China’s central bank digital currency (CBDC) that’s being crafted by the People’s Bank of China (PBoC) has many names.

The PBoC is now working with the e-commerce firm JD.com and with the help of Alibaba, as some of JD.com’s staff have been getting their salary in the form of the digital yuan.

Additionally, Alibaba Group has been involved as well prior to the employees getting paid with the CBDC, as the central bank has been working directly with a fintech affiliate of Alibaba Group called Ant Group.

In addition to working with Ant Group, reportedly the digital yuan leverages Ant’s database called “Ocean Base.” Ant Group spinned off Ocean Base in June 2020, when it launched a self-developed database service and mobile development platform called mPaaS.

JD.com, Ant Group, and Tencent have all been key players when it comes to China’s CBDC, but now Mastercard wants in as well.

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