China’s Changshu City Employees To Receive Salaries In Digital Yuan

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    from Great Game India:

    According to an official report, employees in Changshu, China, will receive their salaries in digital Yuan from May 2023.

    The digital Yuan is China’s CDBC (Central Bank Digital Currency) and the central bank is pushing for more adoption. China’s digital currency, dubbed e-CNY, saw pilot projects in at least 26 provinces and cities.

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    Changshu has a population of more than 1.5 million. The region is a county-level city under the administration of Suzhou, Jiangsu Province’s provincial capital. The city was one of the first piloting regions for the digital yuan. Moreover, in October 2022, Changshu began to provide state personnel with digital yuan subsidies.

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    The move will include employees of public institutions, state-owned businesses, and government agencies. The two most popular third-party payment services in China, Alipay and WeChat Pay, have both integrated e-CNY. Additionally, users can use the currency to make purchases on at least 105 mobile applications, including those for online shopping and the purchase of gasoline and natural gas.

    According to a report, the Reserve Bank of Zimbabwe is planning to issue a gold-backed digital currency.

    Read More @ GreatGameIndia.com

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