Chinese Workers Can Now Be Paid In Digital Yuan

Chinese employees can now be paid in the country's central bank digital currency (CBDC) in the Xiong’an New Area.

What Happened: According to a report published Saturday on the official website of the Xiong’an New Area, the People’s Banck of China already completed the country's first wage payouts in its CBDC.

This effort was a joint effort by the Shijiazhuang-based central bank branch, the Bank of China Hebei Xiong’an branch, and the National Development and Reform Commission.

The CBDC transactions were carried out through a blockchain-based payment platform, paying employees working on the spring afforestation efforts in Xiong’an.

Read also: New Reports Of China's Crypto Crackdown Sparks Fears In Crypto Market As Bitcoin Falls To $37,000

People involved with the project were able to pay the workers directly from a public wallet, with all the relevant data being notarized on the blockchain from the get-go.

This purportedly significantly simplified the employee payment process.

Posted In: BlockchainChinacryptocurrenciesDigital yuanPeople's Bank Of ChinaCryptocurrencyFintechNewsManagementGlobalMarketsTechMedia

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