Personnel in public service, public institutes, and state-owned units at all levels in the city will be compensated with the digital yuan.
The Chinese city of Changshu has stated that all civil servants in its jurisdiction will be compensated their full salaries in digital yuan initiating May 2023, according to local reports.
According to a release published by financial authorities in the city, civil servants taking in those in public service, public institutions, and state-owned units in all situations — will be compensated in digital yuan.
An on-site staff member of a local hospital reportedly verified that the workforce would admit payments in digital yuan starting the coming month. In addition, journalists were told that workers can opt for digital yuan agreements through self-service terminals.
On Feb. 6, numerous Chinese city governments gave away over 180 million yuan ($26.5 million) valuation of the central bank digital currency (CBDC) during Lunar New Year celebrations to boost adoption.
The Jiangsu province, where Changshu is located, preliminarily started a pilot program for the digital yuan in Q1 2023. The objective, according to a local report, is to establish an efficient, convenient operation and management network by 2025.
Related: China’s central bank includes digital yuan in a Report on currency rotation
The Chinese government’s push for CBDC adoption has not been well received by Hong Kong residents. In the initial four days of the digital yuan wallet’s hard launch, solely 625 residents had signed up.
The absence of adoption was evident, despite a 20% discount on purchases from 1,400 local vendors — subsidized by the government for CBDC holders.
(ARIJIT SARKAR, Cointelegraph, 2023)