JD.com’s FinTech arm has partnered with the People’s Bank of China’s Digital Currency Research Institute.
In Brief:
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JD Digital Technology will work with the Digital Currency Research Institute toward the development of a Central Bank Digital Currency.
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They will look at mobile applications and blockchain.
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JD and PBoC will also promote the creation of wallets to support a digital currency.
What does this mean?
The apps supporting the digital currency will be integrated with JD Group’s services according to reports, so the business will become an increasingly important part of China’s journey to a Central Bank Digital Currency. It currently seems to be the country developing a CBDC at the fastest rate.
