Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Workers in China's Xiong'an New Area Are Getting Paid in Digital Yuan

Workers in China's Xiong'an New Area Are Getting Paid in Digital Yuan

Xiong’an New Area, a state-level new area in Hebei Province, in China, is seeing the use of onchain digital yuan payments, according to a circular issued by the Xiong’an local government.

The announcement explains that Xiong’an subcontractors and builders are being paid using the central bank digital currency (CBDC) via the People’s Bank of China and the new area’s development management committee.

Contractors in Xiong’an New Area Are Paid in Digital Yuan

It seems workers in the state-level new area in Hebei, China also known as Xiong’an New Area, are being paid with China’s CBDC. Xiong’an government officials published a circular which described the project’s testing goals. According to the announcement, the People’s Bank of China’s (PBOC) Shijiazhuang office and the new area’s development management committee are involved in the wage pilot system.

The statement stemming from the Xiong’an New Area, which explains its paying builders in onchain digital yuan payments, follows the recent statements from the director-general of the PBOC’s Digital Currency Research Institute.

The director-general Mu Changchun explained on Friday, at the Lujiazui Forum in Shanghai, that the digital yuan would be “inclusive.” Mu’s statements follow the recent report that shows the CBDC is not (yet) seeing wide acceptance in China.

The PBOC’s Digital Currency Research Institute director-general stressed on Friday that the digital yuan will be able to leverage all kinds of wallet software and physical payment vehicles as well. Mu remarked that the different wallets will satisfy the unique types of Chinese residents utilizing the CBDC. China’s central bank has also launched even more ‘red envelope’ digital yuan lotteries in Beijing and Shanghai. Hong Kong will also be able to connect with the digital yuan as well.

Xiong’an New Area has always been considered a “millennium strategy,” since it was introduced by the Politburo Standing Committee of the Communist Party of China in 2014. The Xiong’an government’s circular explains that builders in the region are being paid wages via the Blockchain Fund Payment Platform. The new area has an abundance of workers building at work sites like the Beijing–Xiong’an intercity railway and Xiong’an railway station.

Vast amounts of city-wide construction takes place in Xiong’an, as the new area saw a flood of Beijing investors purchase real estate in the region in recent years. This caused a housing bubble in the Xiong’an New Area and local officials imposed a temporary ban on new real estate sales. The digital yuan trial is aimed at paying wages to the development sector by “comprehensively improving service capabilities and optimizing service experience,” the circular notes.

The first set of digital yuan payments have been directed at the contractors working at spring afforestation projects in Xiong’an. The Bank of Hebei is also collaborating with the digital yuan trial members in Xiong’an. A rough translation of the circular further describes the digital yuan appropriation from a subcontractor’s public wallet to the builder’s private digital wallet in batches. The protocol “greatly simplifies the intermediate payment process, and significantly improving the efficiency of wage payment.”

Source: Workers in China's Xiong'an New Area Are Getting Paid in Digital Yuan – Fintechs.fi

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×