Digital Yuan Used To Pay Civil Servants In Changshu From May 2023
Key Points:
- From May, civil officials and government workers in Changshu will apparently be paid in digital yuan.
- Changshu City has already supported the usage of digital yuan in certain scenarios.
Changshu, a city in China’s Jiangsu Province, has published a notice announcing that all government officials under its authority would be paid in digital RMB or digital yuan beginning in May 2023.
This implies that civil officials at all levels in the city, including public service people, public institution staff, and personnel of state-owned organizations, will be paid in digital yuan.
According to the South China Morning Post, the new program will have an influence on personnel such as physicians, teachers, and journalists. Changshu City has a population of about 1.5 million people and is located less than 100 miles from Shanghai.
The Changshu Local Financial Supervision Bureau and the Changshu Municipal Bureau of Finance issued the notification together. The change, described as a “Notice on the Implementation of Full Salary Digital Renminbi Issuing,” would take effect in May.
In addition to public officials, an on-site employee at a nearby hospital verified that the person would begin receiving digital yuan payments next month. Employees may also use self-service terminals to make digital yuan payments.
During the Lunar New Year festivities on Feb. 6, different Chinese municipal governments distributed approximately 180 million yuan ($26.5 million) in central bank digital currency (CBDC) to increase usage.
Jiangsu province earlier launched a digital yuan trial program in Q1 2023. According to a local source, the goal is to build an effective, user-friendly operating and administration system by 2025.
Nonetheless, the government’s campaign for CBDC adoption has not been warmly embraced by Hong Kong citizens. Despite a 20% discount on purchases from 1,400 local retailers sponsored by the government for CBDC owners, just 625 Hong Kong residents joined up in the first four days of the digital yuan hard wallet launch.
Yet, the digital yuan’s acceptance rate among Chinese people has been slow. Consumers continue to choose China’s famous digital payment networks, WeChat and AliPay, which are both extensively utilized for services such as online shopping, energy bills, and transportation, according to reports.
China is moving forward with CBDC adoption plans, and Changshu’s intention to pay government officials in digital yuan is just one example.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
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Digital Yuan Used To Pay Civil Servants In Changshu From May 2023
Key Points:
- From May, civil officials and government workers in Changshu will apparently be paid in digital yuan.
- Changshu City has already supported the usage of digital yuan in certain scenarios.
Changshu, a city in China’s Jiangsu Province, has published a notice announcing that all government officials under its authority would be paid in digital RMB or digital yuan beginning in May 2023.
This implies that civil officials at all levels in the city, including public service people, public institution staff, and personnel of state-owned organizations, will be paid in digital yuan.
According to the South China Morning Post, the new program will have an influence on personnel such as physicians, teachers, and journalists. Changshu City has a population of about 1.5 million people and is located less than 100 miles from Shanghai.
The Changshu Local Financial Supervision Bureau and the Changshu Municipal Bureau of Finance issued the notification together. The change, described as a “Notice on the Implementation of Full Salary Digital Renminbi Issuing,” would take effect in May.
In addition to public officials, an on-site employee at a nearby hospital verified that the person would begin receiving digital yuan payments next month. Employees may also use self-service terminals to make digital yuan payments.
During the Lunar New Year festivities on Feb. 6, different Chinese municipal governments distributed approximately 180 million yuan ($26.5 million) in central bank digital currency (CBDC) to increase usage.
Jiangsu province earlier launched a digital yuan trial program in Q1 2023. According to a local source, the goal is to build an effective, user-friendly operating and administration system by 2025.
Nonetheless, the government’s campaign for CBDC adoption has not been warmly embraced by Hong Kong citizens. Despite a 20% discount on purchases from 1,400 local retailers sponsored by the government for CBDC owners, just 625 Hong Kong residents joined up in the first four days of the digital yuan hard wallet launch.
Yet, the digital yuan’s acceptance rate among Chinese people has been slow. Consumers continue to choose China’s famous digital payment networks, WeChat and AliPay, which are both extensively utilized for services such as online shopping, energy bills, and transportation, according to reports.
China is moving forward with CBDC adoption plans, and Changshu’s intention to pay government officials in digital yuan is just one example.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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