China is advancing its central bank digital currency (CBDC) test, launching blockchain-enabled salary payments in digital renminbi.
According to the official statement website In Xiongan New Area, the People’s Bank of China (PBoC) successfully completed the nation’s first digital renminbi on-chain wage payment.
When announcing the news on Saturday, the Xiong’an authorities stated that the pilot involves the guidance and support of the People’s Bank of China Shijiazhuang branch, the Bank of China Hebei Xiong’an branch, and the National Development and Reform Commission.
The new CBDC pilot uses a blockchain-based payment platform to pay wages to workers in the Xiong’an Spring Forestation Project. The project subcontractor pays directly from the public wallet to the builder’s digital wallet, and records the relevant data on the blockchain.
According to the announcement, blockchain-based salary payment has significantly simplified the salary payment process. According to reports, the implementation marks the first combination of blockchain technology and digital renminbi.
Xiong’an is one of them The first four pilot regions China CBDC in April 2020. In February, Agricultural Bank of China Hebei Xiong’an Sub-branch Produced the first hardware wallet designed for digital RMBThe product was developed by the Party Working Committee of Xiong’an New District and Shijiazhuang Branch of the People’s Bank of China.