Photo taken on Feb. 12, 2021 shows a digital red RMB envelope during the Digital Wangfujing Snow and Ice Shopping Festival in Beijing, capital of China.

Costfoto | Barcroft Media via Getty Images

GUANGZHOU, China – Chinese e-commerce company has paid some employees with the digital yuan as the country’s central bank tries to expand the scope.

People’s Bank of China (PBOC) started work on digital currency / electronic payment (DC / EP) in 2014. The digital currency, also known as the digital yuan or E-CNY, is a way to replace coins and cash in circulation primarily focused on domestic use.

The digital yuan has not yet been introduced nationwide, but the PBOC has conducted a series of trials in major cities in China. These pilot projects take the form of lotteries where the digital yuan is distributed to residents of a city so that they can spend it at specific retailers. participated in these trials.