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