China debuts blockchain-based digital yuan salary payments in Xiong’an

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China reportedly implemented the country’s first blockchain-powered digital yuan transactions in the Xiong’an New Area.

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

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

Announcing the news on Saturday, Xiong’an authorities said that the pilot involved 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 platform to distribute 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.

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

Related: bit-cointalk.com/news/china-s-blockchain-project-bsn-to-pilot-global-cbdc-system-in-2021″>China’s blockchain project BSN to pilot global CBDC system in 2021

Xiong’an was one of the bit-cointalk.com/news/alibaba-backed-ai-startup-sensetime-to-help-china-handle-digital-yuan”>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 bit-cointalk.com/news/hardware-wallet-for-digital-yuan-debuts-in-xiong-an-new-area”>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.