Several companies involved in China’s central bank digital currency (CBDC) presented their work at the Digital China Summit.

The e-commerce giant JD.com was one of the most eye-catching, demonstrating how the digital yuan could move seamlessly between organizations and networks.

Interoperability between mobile payment solutions such as Ant’s Alipay and Tencent’s WeChat Pay is one of the e-CNY project’s mentioned goals.

JD Technology released Yiqipay – fast business payment – for B2B payments in March, which now includes support for the digital RMB.

It used the digital yuan to make interbank payments to suppliers.

JD had a digital wallet with the Bank of Communications, and its counterparty, Ziguang Digital, obtained e-CNY from the Bank of China’s digital wallet.

JD.com is also a good option. Employees in some regions can be paid in digital yuan. Digital currency pilots are currently taking place in Shanghai, Shenzhen, Chengdu, Changsha, and Xi’an.

The money could be spent or transferred to the employees’ bank accounts.

ICBC, the world’s largest bank, updated its bank account payroll system to accept the digital yuan to run the pilot salaries.

“To add further to the DC/EP ecosystem, JD Technology will continue to incorporate strengths in the supply chain, omnichannel situations, advanced technology, and client service experience,” said Fei Peng, head of the DC/EP programme at JD Technology.

Local governments mentioned JD.com’s online store in several early currency trials since it was the first online outlet authorized to accept the digital currency for payment.

Even though Ant’s Alipay and Tencent were interested in the early creation of the digital currency, this is the case.

It may also be related to Ant’s IPO being cancelled due to pending antitrust investigations.

Ant said that the first wireless yuan activities took place in 2017 and Tencent in February of this year.

Huawei also demonstrated its phones that support the digital currency and its work on car door locks and charging stations, among other things.

Some of its efforts are geared toward the internet of things (IoT).

A payments licence was also recently obtained by the company.

Di Gang, Deputy Director of the Central Bank’s Digital Currency Research Institute, said at the summit that the digital yuan is legal tender and cannot be rejected.

Acceptance is subject to certain conditions, which vary depending on the size of the transaction and the amount of KYC.

Based on previous reports, we believe that if someone only accepts physical cash, they are not required to accept the electronic version at this time.

However, in remote areas, this is more likely to be the case.