Yesterday the Daily Economic News reported that China’s central bank digital currency (CBDC) is to be used in May for limited payments in the Xiangcheng District of Suzhou, just inland of Shanghai.
The wallet – screenshots of which leaked earlier this week – is being distributed this month to workers at the big four state-owned banks, the same banks that are involved in the digital currency / electronic payment project (DCEP).
Staff receive transport subsidies, and in May, half of that transport subsidy will be in the form of the digital yuan. This is consistent with the news last year that tests would include transport, education, medical care and retail.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
