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China’s Xiong’an New Area Begins Using Digital Yuan for Salary Payments

China’s Xiong’an New Area Begins Using Digital Yuan for Salary Payments

China’s Xiong’an New Area Begins Using Digital Yuan for Salary Payments

The country is testing the currency in different pilots.

The country is testing the currency in different pilots.

The country is testing the currency in different pilots.

By Tanzeel Akhtar
AccessTimeIconJun 14, 2021, 2:03 PM
Updated May 9, 2023, 3:20 AM
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China’s Xiong'an New Area, a district that is located about 60 miles southwest of Beijing and that serves as a testing ground for new economic ideas, has started using the digital yuan, a central bank digital currency (CBDC), to pay some workers.

  • In a statement Saturday, the Xiong’an government described the digital yuan pilot as the nation’s first “on-chain” payment being used for builders’ wages.
  • Xiong'an said the Shijiazhuang branch of the People's Bank of China (PBOC) and the reform and development bureau of Xiong’an’s management committee were involved in guiding and supporting the project.
  • The region is using the Blockchain Fund Payment Platform to pay the wages. 
  • China has been testing digital currency trading platforms in different regions and setting up a legal framework for a CBDC with global financial regulators. 
  • The PBOC has been working on trials of its digital yuan with commercial banks and payment providers. 

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