Beautiful Virgin Islands

Monday, Aug 04, 2025

Workers in China's Xiong'an New Area Are Getting Paid in Digital Yuan

Workers in China's Xiong'an New Area Are Getting Paid in Digital Yuan

Xiong’an New Area, a state-level new area in Hebei Province, in China, is seeing the use of onchain digital yuan payments, according to a circular issued by the Xiong’an local government.

The announcement explains that Xiong’an subcontractors and builders are being paid using the central bank digital currency (CBDC) via the People’s Bank of China and the new area’s development management committee.

Contractors in Xiong’an New Area Are Paid in Digital Yuan

It seems workers in the state-level new area in Hebei, China also known as Xiong’an New Area, are being paid with China’s CBDC. Xiong’an government officials published a circular which described the project’s testing goals. According to the announcement, the People’s Bank of China’s (PBOC) Shijiazhuang office and the new area’s development management committee are involved in the wage pilot system.

The statement stemming from the Xiong’an New Area, which explains its paying builders in onchain digital yuan payments, follows the recent statements from the director-general of the PBOC’s Digital Currency Research Institute.

The director-general Mu Changchun explained on Friday, at the Lujiazui Forum in Shanghai, that the digital yuan would be “inclusive.” Mu’s statements follow the recent report that shows the CBDC is not (yet) seeing wide acceptance in China.

The PBOC’s Digital Currency Research Institute director-general stressed on Friday that the digital yuan will be able to leverage all kinds of wallet software and physical payment vehicles as well. Mu remarked that the different wallets will satisfy the unique types of Chinese residents utilizing the CBDC. China’s central bank has also launched even more ‘red envelope’ digital yuan lotteries in Beijing and Shanghai. Hong Kong will also be able to connect with the digital yuan as well.

Xiong’an New Area has always been considered a “millennium strategy,” since it was introduced by the Politburo Standing Committee of the Communist Party of China in 2014. The Xiong’an government’s circular explains that builders in the region are being paid wages via the Blockchain Fund Payment Platform. The new area has an abundance of workers building at work sites like the Beijing–Xiong’an intercity railway and Xiong’an railway station.

Vast amounts of city-wide construction takes place in Xiong’an, as the new area saw a flood of Beijing investors purchase real estate in the region in recent years. This caused a housing bubble in the Xiong’an New Area and local officials imposed a temporary ban on new real estate sales. The digital yuan trial is aimed at paying wages to the development sector by “comprehensively improving service capabilities and optimizing service experience,” the circular notes.

The first set of digital yuan payments have been directed at the contractors working at spring afforestation projects in Xiong’an. The Bank of Hebei is also collaborating with the digital yuan trial members in Xiong’an. A rough translation of the circular further describes the digital yuan appropriation from a subcontractor’s public wallet to the builder’s private digital wallet in batches. The protocol “greatly simplifies the intermediate payment process, and significantly improving the efficiency of wage payment.”

Source: Workers in China's Xiong'an New Area Are Getting Paid in Digital Yuan – Fintechs.fi

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
×