China debuts with blockchain based digital yuan salary in Xiong’an

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

China debuts with blockchain based digital yuan salary in Xiong’an

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

Xiong’an authorities said that the integration has been made with 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 portal to pay 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.

Read: China's cryptocurrency mining crackdown spreads to Yunnan in southwest - media

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

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.



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