Chinese Civil Servants to Receive Salaries in Digital RMB
As CBDC adoption grows, all civil servants in the Chinese city of Changshu will be paid their complete salaries in digital RMB or digital yuan from May 2023, according to an announcement issued by the city’s governing authorities. According to the notice issued by local Chinese authorities, the Changshu Local Financial Supervision Bureau and the […]
Digital yuan will offer ‘controllable anonymity’ – Chinese central bank
At the Hong Kong Fintech Week, Yi Gang, the Chinese central bank governor, discussed the country’s national digital currency, the digital yuan which will provide controllable anonymity to consumers. Yi pointed out during his address that the digital yuan is being promoted in China, a nation with a strong digital payment infrastructure, as a currency […]
China’s CBDC transactions volume crosses $14B mark
Bank of China’s electronic yuan, or e-CNY, is the most frequently used Central Bank Digital Currency (CBDC) globally as transaction volumes total 100.04 billion yuan, or almost $14 billion. By the end of the summer, 360 million transactions had been completed in 15 provinces under the CBDC pilot program, according to the information posted on […]
Chinese Residents start paying taxes, other charges with digital yuan
Residents in three major Chinese cities have begun paying taxes, stamp duty, and social security contributions in the digital yuan (e-CNY), the country’s central bank digital currency (CBDC). According to a domestic news article, a number of government entities in Zhejiang province , which is located just south of Shanghai, are currently conducting real-world trials […]
Digital yuan debuts in the insurance industry
The digital currency issued by China’s central bank can now be used to purchase insurance policies that provide varying degrees of compensation in the event of a COVID-19 diagnosis or death. A vast array of successful trial programmes has already been implemented using China’s emerging central bank’s digital currency , the digital Yuan, ranging from e-commerce […]