China’s Digital Yuan (e-CNY) Pilot Expands to Include Salaries of Civil Servants and State-Owned Units
Changshu City in East China’s Jiangsu Province is set to become one of the first places in China to pay civil servants and state-owned units in digital yuan (e-CNY), according to an announcement released by the local financial supervisory authority and financial department.
The move is part of a wider pilot scheme of the digital currency in Changshu, which has already seen many consumption scenarios accepting digital yuan payments. The Global Times has learned that the payment platform of the digital yuan app now supports both Alipay and WeChat Pay, allowing users to make payments with their digital yuan wallets in WeChat’s mini-programs, and this feature will be available in more scenarios.
This latest development comes after Alipay was linked to the digital yuan app in December 2022, allowing users to make payments with digital yuan while using Alibaba’s Taobao and Eleme services. On February 28, Ningbo City in East China’s Zhejiang Province became the first city in the province to support digital yuan for payment of highway tolls, with all local toll stations accepting digital yuan payment.
China has been actively promoting the use of digital yuan, with various pilot schemes being conducted across the country. Digital currency is expected to reduce the reliance on traditional payment methods, such as cash, and increase the efficiency of financial transactions.
The digital yuan is also expected to help reduce the risks associated with traditional payment methods, such as counterfeiting and money laundering. The Chinese government has been working closely with various financial institutions and technology companies to develop and promote the digital yuan.
The use of digital yuan in civil servant and state-owned unit salaries is a significant step towards wider adoption of the currency. With its expanding application scenarios and increasing support from major payment platforms, the digital yuan is set to become a key player in the Chinese financial market.
Read more:
- JD.Com And Bank Of China Explore Cross-Border Digital Yuan (E-CNY) Consumption
- Beijing, Suzhou Announced That The Digital Renminbi (E-CNY) Can Be Used In Its Railway And Subway System