China’s new Xiong’an Zone begins using the digital yuan for salary

China’s Xiong’an New District is a district 100 km southwest of Beijing and a testing ground for new economic ideas. The sector has started using the digital yuan (central bank digital currency – CBDC) to pay some workers.

In one to explain On Saturday, the Xiong’an New District government described the pilot digital yuan plan as the country’s first “on-chain” payment used to pay construction workers’ salaries.

Authorities there said that the Shijiazhuang Branch of People’s Bank of China (PBOC), in collaboration with the Reform and Development Department of the Xiong’an Management Committee, was involved in leading and supporting the project.

Currently, this area is using the Blockchain Fund Payment Platform to pay salaries.

China has tested digital forex trading platforms in various regions and established a regulatory framework for CBDCs with global financial regulators.

In addition, the PBOC also conducted a test of its digital yuan with commercial banks and payment service providers.

Minh Anh

According to Coindesk

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