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Chinese District Uses Digital Yuan To Pay Salaries

Chinese District Uses Digital Yuan To Pay Salaries

A district in China, Xiong’an, just 60 miles southwest of Beijing, has begun paying salaries to builders using the digital yuan.

The digital yuan was created by the Chinese central bank as a replacement to the widely available digital currencies.

Xiong’an serves as the country’s ‘testing ground’ for pilot economic schemes, Coindesk stated.

In a statement by the Xiong’an government, the payment of salaries using the digital yuan was launched by the Shijiazhuang branch of the People’s Bank of China (PBOC) and the reform department of the Xiong’an’s management committee.

The adoption of the digital yuan in the payment of salaries would be spread into other parts of China, as policymakers in the country have begun laying the framework for the national use of the yuan.

READ ALSO: Nigeria Urged To Pursue National Bitcoin Standard

To ensure a faster adoption at a national level, China’s central bank is collaborating with banks and other financial service providers.

Recently, the director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission, Yao Qian, said that the rollout of the digital yuan should not be restricted to being a digital form of paper money but should also integrate smart contract functionality.

Smart contracts are programs that function within the terms and agreements laid out by a buyer and a seller written into lines of code.

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Kindness Udoh is a writer and media enthusiast with vast experience in journalism, copywriting, and features across beats. He also has professional certifications in creative writing. You can reach him via [email protected]

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