UPDATED. 2024-03-28 17:51 (목)

Exciting Developments in Changshu City as Civil Servants Embrace Digital Yuan Salaries
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Exciting Developments in Changshu City as Civil Servants Embrace Digital Yuan Salaries
  • 블록체인투데이
  • 승인 2023.05.25 17:57
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In a groundbreaking move, Changshu City in China is set to revolutionize its financial landscape by implementing digital yuan as the primary mode of salary payment for civil servants. Starting this May 2023, all government employees working in public service, public institutions, and state-owned units will have their entire salaries disbursed in the form of digital yuan.

This progressive decision comes as a result of careful consideration and consultation with local sources, signaling the city's determination to embrace cutting-edge technology and enhance financial inclusivity.

Financial authorities within Changshu City have recently released an official notice outlining their plans to compensate civil servants at all levels exclusively using digital yuan. This forward-thinking initiative encompasses individuals employed in various public service sectors, further solidifying the city's commitment to digitization and streamlining financial transactions. By adopting the digital yuan as the preferred method of salary payment, Changshu City is spearheading a transformative shift towards a more secure, efficient, and inclusive financial ecosystem. This move is expected to bolster economic growth, promote digital literacy, and encourage broader adoption of digital currencies in the region.

Overall, this groundbreaking decision by Changshu City is poised to revolutionize the financial landscape for civil servants and sets a positive precedent for the wider adoption of digital currencies. With the implementation of digital yuan salaries, the city aims to foster financial inclusivity, enhance transactional efficiency, and embrace technological advancements. For May 2023, the anticipation grows for the transformative impact this progressive initiative will have on Changshu City's financial infrastructure and its thriving workforce.

An employee from a local hospital confirmed that starting month of May, the workforce will be paid in digital yuan. Additionally, employees have the option to receive their payments through self-service terminals.

During the Lunar New Year celebrations, several Chinese city governments distributed over 180 million yuan worth of the central bank digital currency (CBDC) to encourage its adoption. However, in Hong Kong, the Chinese government's efforts to promote CBDC adoption have not been met with enthusiasm. Only 625 residents signed up for the digital yuan wallet in the first four days of its launch, despite the government's subsidy of a 20% discount on purchases from 1,400 local vendors for CBDC holders.

 


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