CHINESE civil servants have begun to be paid entirely in digital yuan, joining some of the country's bank employees as a new phase begins to promote the new currency, reports Tokyo's Nikkei Asia.
Adjacent to Shanghai, Changshu city will switch to digital yuan direct deposits for public sector employees this month. The move follows a similar action taken by a local regional lender earlier this year.
The push comes as the central-bank-backed digital yuan has failed to gain much circulation, despite years of trials. The hope is that paying public sector wages in digital yuan will lead to widespread adoption.
Changshu, home to 1.5 million people and a suburb of the Suzhou metropolitan area, will pay civil servants and employees of state-owned companies in full with the digital yuan.
SeaNews Turkey
Adjacent to Shanghai, Changshu city will switch to digital yuan direct deposits for public sector employees this month. The move follows a similar action taken by a local regional lender earlier this year.
The push comes as the central-bank-backed digital yuan has failed to gain much circulation, despite years of trials. The hope is that paying public sector wages in digital yuan will lead to widespread adoption.
Changshu, home to 1.5 million people and a suburb of the Suzhou metropolitan area, will pay civil servants and employees of state-owned companies in full with the digital yuan.
SeaNews Turkey