Public Servants In China City To Receive Digital Yuan Salaries From May Onwards

April 24, 2023

Public Servants In China City To Receive Digital Yuan Salaries From May Onwards

Changshu, the Chinese City stated that the civil services in the jurisdiction will receive full salaries in the form of digital Yuan beginning from May 2023.  The notice issued by financial authorities in the city confirmed that civil servants including all those in the public service, state-owned units, or public institutions at all levels will receive digital Yuan as compensation.

Alongside, an on–staff member in one of the local hospitals also confirmed that the workforce would also receive payments in digital Yuan from next month onwards. Furthermore, local reporters also added that employees may opt for settlement of digital Yuan through self–service terminals.

The Jiangsu province which is located in Changshu City launched the pilot program for the digital Yuan in Q1 2023. Reportedly, this pilot program is aimed to establish an efficient and convenient operating and management system by 2025.

In February 2023, the governments of multiple Chinese cities gave away more than 10 Million Yuan ( $26.5 Million) CBDCs during the celebration of the Lunar New Year to boost its adoption. However, Chinese CBDC has not been received well by Hong Kong residents. In the first four days of the digital Yuan wallet launch, only 625 residents signed up for it.

As a result, the lack of adoption was quite evident despite the government subsidizing the CBDC holders by offering a 20% discount on purchases from 1400 local vendors approximately.

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