Cryptocurrency News

China Launches Blockchain-Based Digital Yuan Pay Payments in Xiong’an

China is making progress with its central bank digital currency (CBDC) trials, launching blockchain-enabled salary payments in digital yuan.

according to the officer Website In Xiong’an New Region, the People’s Bank of China (PBoC) has successfully completed the country’s first on-chain pay payment in digital yuan.

Announcing the news on Saturday, Xiong’an officials said the pilot involved the Shijiazhuang-based PBoC branch, the Bank of China Hebei Xiong’an branch, as well as guidance and support from the National Development and Reform Commission.

The new CBDC pilot used a blockchain-based payment platform to distribute wages to workers on a spring reforestation project in Xiong’an. Engineering subcontractors made payments from public wallets directly to builders’ digital wallets and recorded the relevant data on the blockchain.

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

related: China’s Blockchain Project BSN to Operate Global CBDC System in 2021

Xiong’an was one of them The first four areas for the 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 Xiong’an New Area and the branch of PBoC in Shijiazhuang.