China to trial paying salaries using CBDC
State employees say finding merchants that accept the e-yuan is difficult
China is planning to pay public sector workers in the city of Changshu using its central bank digital currency (CBDC) from May, according to documents posted on government websites.
Government employees as well as staff at state-owned companies and public institutions such as schools, hospitals, libraries, research institutes and media organisations in the city will receive their salary in full using the e-CNY. State media described the move as the biggest rollout of the digital currency so far
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on CBDC
Most people would not switch to digital euros – ECB research
Consumers would only allocate a small portion of €10,000 if given the choice, paper says
Fintechs launch e-rupee services
Initiative follows RBI’s announcement last year that CBDC would be extended to non-banks
Trump says ‘no’ to CBDCs
Digital asset schism between US and eurozone widens
BoE publishes design blueprint of digital pound
“No decision has been made” on whether to proceed with retail CBDC, central bank emphasises
Finland’s fintech head on retail CBDCs versus instant payments
Payments unit leader Aleksi Grym discusses overlaps and synergies for retail CBDCs and instant payment systems in Finland and the eurozone
Central banks ‘too slow’ on wholesale CBDCs, industry says
Report emphasises need for greater public-private collaboration and unified definition
BoE study suggests digital pound would be less private than cash
Report, conducted with MIT, says cryptographic techniques would not guarantee privacy
Majority have privacy concerns over CBDC – RBNZ survey
Findings show access to physical cash still important; private sector not meeting payment needs