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China implementing blockchain-based salary payments
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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.

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