China Implements First Blockchain-Based Digital Yuan Transactions In Xiong’an
China has implemented the country’s first blockchain-based digital yuan transactions in the Xiong’an.
It has been reported according to the official website of the Xiong’an New Area that the People’s Bank of China (PBoC) has successfully completed the nation’s first on-chain wage payouts in the digital yuan.
However, Xiong’an authorities said that the pilot involved guidance and support from the Shijiazhuang-based PBoC branch, the Bank of China Hebei Xiong’an branch, as well as the National Development and Reform Commission.
The report said that the new CBDC pilot used a blockchain-based payment platform to distribute salaries to workers on spring afforestation projects in Xiong’an. Engineering subcontractors made payments directly to builders’ digital wallets from a public wallet and recorded the relevant data on a blockchain.
Blockchain-based salary payouts significantly simplified the wage payout process. The implementation reportedly marks the first combination of blockchain technology with the digital yuan. Xiong’an was one of the first four regions to pilot China’s CBDC in April 2020. In February, the Xiong’an branch of the Agricultural Bank of China in Hebei produced the first digital yuan-designed hardware wallet.
Thus, the product was developed by the Party Working Committee of the Xiong'an New Area and the PBoC’s branch in Shijiazhuang.
Source: Cointelegraph | Image: Chapman Taylor