Yuan

Lunar

<p>Changshu city officials will receive full salaries in digital yuan beginning May 2023, according to a <a href="https://mp.weixin.qq.com/s?__biz=MzIwNDY3NDMyMw==&amp;mid=2247564025&amp;idx=1&amp;sn=6ff8ea92286c52ea31c646543041cb00&amp;chksm=973f3e85a048b79396ef4017449f051ab1f52ef97f6b8e9031d475cf5f7505ad6036777620d1#rd" rel="noopener noreferrer nofollow" target="_blank">notice</a> issued by local authorities, Changshu Local Financial Supervision Bureau, and the Changshu Municipal Bureau of Finance.</p>
<h2 id="digital-rmb-payment-for-various-public-service-personnel">Digital RMB payment for various public service personnel</h2>
<p>The decision affects civil servants, public institution personnel, and staff of state-owned units across all levels within the city. Reportedly, an on-site staff member at a local hospital confirmed that employees would start receiving digital yuan payments next month. Employees can choose digital yuan settlements through self-service terminals.</p>
<p>In an effort to promote the adoption of the central bank digital currency (CBDC), multiple Chinese city governments had previously distributed over 180 million yuan ($26.5 million) during the Lunar New Year period. Jiangsu Province, home to Changshu, initiated a digital RMB pilot program in Q1 2023 to <a href="https://pandaily.com/civil-servants-in-a-chinese-city-to-receive-salaries-in-digital-rmb-starting-from-may/https:/pandaily.com/civil-servants-in-a-chinese-city-to-receive-salaries-in-digital-rmb-starting-from-may/" rel="noopener noreferrer nofollow" target="_blank">establish</a> an efficient and convenient digital RMB operation and management system by 2025.</p>
<p>Despite the Chinese government’s push for CBDC adoption, Hong Kong residents have slowly embraced the digital yuan. In the first four days of the digital yuan hard wallet launch, only 625 Hongkongers signed up, even with a 20% discount on purchases from 1,400 local vendors subsidized by the government for CBDC owners.</p>

China’s push for CBDC adoption: Changshu public servant to get paid in digital Yuan

Table of Contents

Cryptopolitan_News

Other articles published on Apr 23, 2023

Join our free newsletter for daily crypto updates!