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China’s Xiong’an New Area Begins Using Digital Yuan for Salary Payments
The country is testing the currency in different pilots.
China’s Xiong'an New Area, a district that is located about 60 miles southwest of Beijing and that serves as a testing ground for new economic ideas, has started using the digital yuan, a central bank digital currency (CBDC), to pay some workers.
STORY CONTINUES BELOW
- In a statement Saturday, the Xiong’an government described the digital yuan pilot as the nation’s first “on-chain” payment being used for builders’ wages.
- Xiong'an said the Shijiazhuang branch of the People's Bank of China (PBOC) and the reform and development bureau of Xiong’an’s management committee were involved in guiding and supporting the project.
- The region is using the Blockchain Fund Payment Platform to pay the wages.
- China has been testing digital currency trading platforms in different regions and setting up a legal framework for a CBDC with global financial regulators.
- The PBOC has been working on trials of its digital yuan with commercial banks and payment providers.
Read more: Ex-Head of China’s Digital Yuan Effort Says CBDCs Could Operate on Ethereum
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
