China debuts blockchain-based digital yuan salary payments in Xiong’an

China is progressing with its central bank digital currency (CBDC) tests, debuting blockchain-enabled salary payments in the digital yuan.

According to the official website of the Xiong’an New Area, the People’s Bank of China (PBoC) has successfully completed the nation’s first on-chain wage payouts in the digital yuan.

Announcing the news on Saturday, Xiong’an authorities said that the pilot involved guidance and support from the Shijiazhuang-based PBoC branch, the Bank of China Hebei Xiong’an branch, as well as the National Development and Reform Commission.

The new CBDC pilot used a blockchain-based payment platform to distribute salaries to workers on spring afforestation projects in Xiong’an. Engineering subcontractors made payments directly to builders’ digital wallets from a public wallet and recorded the relevant data on a blockchain.

According to the announcement, blockchain-based salary payouts significantly simplified the wage payout process. The implementation reportedly marks the first combination of blockchain technology with the digital yuan.

Xiong’an was one of the first four regions to pilot China’s CBDC in April 2020. In February, the Xiong’an branch of the Agricultural Bank of China in Hebei produced the first digital yuan-designed hardware wallet. The product was developed by the Party Working Committee of the Xiong’an New Area and the PBoC’s branch in Shijiazhuang.




Recommended from Medium

The Internet of Value

LISK Highlights from 22nd to 26th Oct 2018.

MEXC AMA with Ryan from PolkaEx

Grazing Range Pool #18 — Welcoming DVI to the herd

Top Disadvantages of the Proof-of-Stake Consensus Mechanism

Top Disadvantages of the Proof-of-Stake Consensus Mechanism

AMA Session with Hakan Estavi from Bridge Oracle (BRG)

PCHAIN PANDA-X Plan — support and grow with PCHAIN you will be fulfilled!

Let’s create some tokens

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Charles Wade

Charles Wade

More from Medium

“Why Can’t I Get Anything Good All At Once”

The Journey Starts Here

What is Bitcoin? A Guide for New Kids on the Block

Due To This Bear Market, And As An Ordinary Person Without A Professional Financial Advisor, I…