As part of the new cities program, some workers in Xiong’an will now receive salaries in digital currency from the PRC’s central bank.
The authorities said in a statement that building smart cities involves experimenting with the digital yuan, driving innovation, use cases, and effectively promoting new regions and people.
“As we move towards digital and smart financial services, we are committed to relying on the power of finance + technology to enhance capabilities and streamline service across the board,” write the official sources.
It is reported that under the leadership and support of the Shijiazhuang Central Branch of the People’s Bank of China and the Reform and Development Bureau of the New District Governance Committee, the Xiong’an Branch of the Bank of China in Hebei has partnered with China Xiong’an Group Digital. City Technology Co., Ltd. to successfully implement the first on-chain in Xiong’an New District.
Wages in digital yuan are paid on an agency basis. The business is using the “Blockchain Fund Payment Platform” in Xiong’an New District to pay digital yuan salaries to forestry project builders, which also marks the smooth implementation of the country’s first “blockchain + digital yuan”.
To do this, an engineering subcontractor initiated a digital yuan payroll application through a blockchain fund platform and put the builder’s digital wallet ID, payment amount, and other payroll information into the chain. The bank will pay wages according to the blockchain.
“In the next phase, the new county will continue to explore other digital yuan use cases based on user needs and will strive to create an ecological circulation system for the digital yuan in the new area,” Chinese officials said.