China Expands Digital Yuan Adoption as Public Employees in Changshu City to Receive Salaries in CBDC
Public sector employees in Changshu City, China, will be receiving their salaries in digital yuan next month! Doctors, teachers, and journalists are among the professionals who will be getting paid using China’s central bank digital currency (CBDC). Changshu City is located near Shanghai and has a population of over 1.5 million residents.
This new initiative is part of China’s ongoing rollout of the digital currency, which has already expanded to 26 different regions across 17 provinces. Other cities in China, such as Taicang, have already started paying wages in digital yuan.
In addition to salaries, Changshu City has been promoting the use of digital yuan in various situations, including paying for public transport, medical expenses, groceries, and utilities like gas and water.
It’s not just China that’s embracing CBDCs; over 100 countries worldwide are either researching, piloting, or developing them. So, it seems like digital money could be coming to a city near you soon!
Clever Robot News Desk 24th April 2023