China implementing blockchain-based salary payments
Latest News

China implementing blockchain-based salary payments

China implementing blockchain-based salary payments

China is moving forward with Central Bank Digital Currency tests. The People’s Bank of China completed the Nation’s first on-chain wage payouts. Moreover, the new Central Bank Digital Currency pilot used a blockchain-based payment platform.

Digital yuan salaries

In spring, afforestation workers in Xiongan received their digital yuan salaries. Xiongan authorities also said that the pilot involved support and guidance from the PBoC branch, Shijiazhuang, the bank of China Hebei Xiongan branch, and the National Development and Reform Commission.

Digital wallet

The engineering subcontractors made their payments directly to the builder’s digital wallet using a public wallet. Moreover, it recorded the relevant data on a blockchain. The announcement says that these blockchain-based salary payouts significantly simplified the wage payout process.

First combination

In addition, this implementation marks the first combination of blockchain technology with the digital yuan. Moreover, BSN is China’s blockchain project. The BSN project to pilot the global Central Bank Digital Currency system in the year 2021. Thus, Xiongan became one of the first four regions to pilot China’s CBDC in April 2020.

Primary Digital Yuan Designed Pockets

In February, the Xiongan department of the Agriculture Bank of China in Hebei produced the primary digital yuan-designed pockets. The party working committee of the Xiongan a new area, and the PBoCs department in Shijiazhuang developed this product.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.