Changshu City To Pay Civil Servants In e-CNY
Changshu, a city in Jiangsu Province, China, has announced that starting in May 2023, civil servants will be paid in digital RMB or digital yuan. The move is part of the Chinese government’s CBDC adoption push, which has had mixed results thus far. While some cities, such as Changsha, have seen a significant increase in CBDC adoption, others, such as Hong Kong, have been slower to accept the digital currency.
The Changshu Local Financial Supervision Bureau and the Changshu Municipal Bureau of Finance issued a notice stating that civil servants at all levels in the city, including public service personnel, public institution personnel, and personnel of state-owned units, will be paid in digital yuan.
Local Changshu Hospital staff also confirmed that they will begin receiving digital yuan payments next month, with the option to settle in digital yuan through self-service terminals.
Changsha, another Chinese city, has seen significant CBDC adoption, with over 420,000 merchants accepting digital yuan payments. According to city officials, the city has 22 million digital yuan wallets, and 800,000 “public” wallets have been opened for use by Changsha-based firms and government organizations.
(With inputs from Shikha Singh)
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