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Subcontractors and builders located in China’s Xiong’an new area are being paid in digital yuan – Bitcoin News

Xiong’an New Area, a state-level new area in Hebei, China, is looking into the use of on-chain digital yuan payments, according to a circular issued by the Xiong’an government. The announcement details that Xiong’an subcontractors and builders are being paid through the People’s Bank of China and the Development Management Committee of the new region using a central bank digital currency (CBDC).

Xiong’an new region pays contractors in digital yuan

It appears that workers in the state-level new area in Hebei, China, also known as the Xiongan New Area, are being paid with China’s CBDC. Xiong’an government officials published a circular describing the project’s test goals. According to Announcement, People’s Bank of China (PBOC) Shijiazhuang Office and the Development Management Committee of the New Region are involved in the pay pilot system.

The statement stemming from Xiong’an New Area, which states its payment builders in on-chain digital yuan payments, follows recent statements from the director general of PBOC’s Digital Currency Research Institute.

The Xiong’an new area is bustling with contractors working on buildings, Xiong’an Railway Station, Beijing-Xiong’an Intercity Railway, expressways, G45 and G18, spring reforestation projects and Beijing Daxing International Airport.

Director General Mu Changchun Explained At the Lujiazui Forum in Shanghai on Friday, that the digital yuan will be “inclusive”. Follow Mu’s statements recent report This shows that CBDCs are not getting wide acceptance in China.

The director general of PBOC’s Digital Currency Research Institute stressed on Friday that the digital yuan will also be able to take advantage of all types of wallet software and physical payment vehicles. Mu commented that other wallets will satisfy the unique type of Chinese residents using CBDCs. China’s central bank launches even more ‘red envelope’ digital yuan lottery Beijing and Shanghai. Hong Kong will also be able to join the digital yuan, a . According to recent report.

Xiong’an New Area has always been considered a “millennium strategy”, as it was introduced by the Politburo Standing Committee of the Communist Party of China in 2014. The Xiong’an government circular states that wages are being paid to builders in the region on a blockchain fund payment platform. The new area has an abundance of workers working at workplaces such as the Beijing–Jiangnan Intercity Railway and Xiong’an Railway Station.

There is a huge amount of city-wide construction taking place in Xiong’an, as the new area has seen a flood of real estate purchases by Beijing investors in the area in recent years. This caused a housing bubble in the Xiong’an New Area, and local authorities placed a temporary ban on the sale of new real estate. The digital yuan trial aims to pay wages to the development sector by “comprehensively improving service capabilities and optimizing service experience,” the circular notes.

The first set of digital yuan payments are directed to contractors working in spring reforestation projects in Xiong’an. The Bank of Hebei is also cooperating with the digital yuan trial members in Xiong’an. A rough translation of the circular describes digital yuan appropriation in batches from the subcontractor’s public wallet to the builder’s private digital wallet. The protocol “greatly simplifies the intermediate payment process, and significantly improves the efficiency of wage payments.”

What do you think about Xiong’an New Area operating digital yuan with contractor payment? Let us know what you think about this topic in the comment section below.

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