Home | Crypto News | Innovative Move: Chinese City To Pay Salaries To Public Servants In Digital Yuan Starting May

Innovative Move: Chinese City To Pay Salaries To Public Servants In Digital Yuan Starting May

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Local media says that starting in May 2023, the Chinese city of Changshu will begin paying all civil officials under its control their full salaries in digital yuan.

Financial authorities in the city have announced that civil servants at all levels, including those in the public sector, public institutions, and state-owned enterprises, will be paid in digital yuan.

A local hospital’s on-site employee apparently stated that starting next month, wages would be made in digital yuan. Additionally, employees can choose digital yuan settlements using self-service kiosks, according to information provided to reporters.

To encourage adoption, numerous Chinese city governments distributed the central bank digital currency (CBDC) on February 6 in excess of 180 million yuan ($26.5 million) during the Lunar New Year festivities.

The digital yuan pilot program started in the first quarter of 2023 in the Jiangsu province, including Changshu. According to a local report, a practical, convenient operating and management system is to be established by 2025.

Residents of Hong Kong have yet to be pleased with the Chinese government’s drive for CBDC adoption. Only 625 locals had registered in the first four days of the digital yuan wallet’s initial launch.

The lack of adoption was noticeable despite a 20% discount on expenditures from 1,400 local vendors, which the government subsidized for CBDC registrants.
Summary:

Starting in May 2023, the Chinese city of Changshu will begin paying all civil officials under its control their full salaries in digital yuan, according to local media. The move is part of a pilot program for the central bank digital currency (CBDC) in the Jiangsu province, which includes Changshu. Financial authorities in the city have announced that civil servants at all levels, including those in the public sector, public institutions, and state-owned enterprises, will be paid in digital yuan. The government hopes to encourage the adoption of the CBDC, which has seen a slow uptake in Hong Kong despite user subsidies and discounts.

Jay Solano

Jay Solano

Jay is a crypto and NFT enthusiast dedicated to exploring the dynamic world of digital assets. As a crypto blog writer, he is sharing his knowledge of the latest trends, breakthroughs, and investment opportunities in the blockchain world.

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