• About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
Tuesday, March 21, 2023
  • Login
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
No Result
View All Result
Home Blockchain

China Debuted Blockchain-based Digital Yuan Salary Payments

June 14, 2021
in Blockchain
Reading Time: 3 mins read
0
The Chinese Miners Exodus, texas, bitcoin, mining
Share on FacebookShare on TwitterShare on RedditShare on Whatsapp


China debuted blockchain-based Digital yuan salary payments in the Xiong’an area which marks the first implemented transaction on the blockchain in the country as we can see more in our latest cryptocurrency news today.

China is progressing with the central bank digital currency tests and debuted blockchain-enabled salary payments in the digital yuan. As per the official website of the Xiong’an New Area, the PboC or the People’s Bank of China successfully completed the first on-chain wage payout in the digital yuan.

The People’s Bank of China (PBoC) building in Beijing. (Source: Bloomberg)

Announcing the news on Saturday Xiong’an authorities said that the pilot involved much guidance and support from the Shijiazhuang PboC branch and also from the Bank of china Hebei Xiong’an branch. The National Development and Reform Commission also helped. The new CBDC pilot used a blockchain-based payment platform to distribute salaries to workers on the spring afforestation projects in Xiong’an and the engineers’ subcontractors made payments directly to builders’ digital wallets from the public wallet and recorded data on the blockchain.

CBDC Aren’t Stable, bitcoin, btc,

According to the announcement, the blockchain-based salary payouts simplified the wage payout. The implementation reportedly marks the first combination of blockchain technology with the digital yuan. Xiong’an was one of the first regions to pilot china’s CBDC and the Xiong’an branch of the Agricultural Bank of China in Hebei produced the first-ever digital yuan designed hardware wallet and the product was developed by the Party Working Committee of the XIong’an New Area and the PboC branch in Shijiazhuang.

As previously reported, In an interview with CNBC, the Bridgewater Associates founder shared his opinion of the issuance of the digital dollar and a central bank digital currency and said that it will certainly have its uses and be viable but according to him, it will not be the most competitive one. The reasoning for this was the expectation of China’s economic growth that is still outpacing the US economy and will even further if the yuan becomes more internationally accepted with a healthier interest rate environment.

As blockchain technology continues to cut a bigger hole in the financial systems worldwide, governments will turn to central bank digital currencies even more. Economic powers like the US and China are the two countries that started experimenting with their own digital currencies but that is not to say that smaller countries already implemented a functioning CBDC into their economies.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]



Source link

Related articles

Top 10,000 Bitcoin investors control one-third of the supply

Top 10,000 Bitcoin investors control one-third of the supply

March 17, 2023
Crypto volatility back to FTX levels, with $791 million of liquidations in 4 days as SVB collapse rocks market

Crypto volatility back to FTX levels, with $791 million of liquidations in 4 days as SVB collapse rocks market

March 13, 2023
Share2Tweet1ShareSend

Related Posts

Top 10,000 Bitcoin investors control one-third of the supply

Top 10,000 Bitcoin investors control one-third of the supply

March 17, 2023
0

Key Takeaways Bitcoin is a decentralised asset, yet large amounts are controlled by a select few The top 114...

Crypto volatility back to FTX levels, with $791 million of liquidations in 4 days as SVB collapse rocks market

Crypto volatility back to FTX levels, with $791 million of liquidations in 4 days as SVB collapse rocks market

March 13, 2023
0

Key Takeaways Crypto volatility is back up to levels last seen when FTX collapsed in November $791 million of...

PODCAST: Has Avalanche solved the blockchain trilemma?

PODCAST: Has Avalanche solved the blockchain trilemma?

February 22, 2023
0

Key Takeaways Avalanche is the world’s fifteenth biggest cryptocurrency by market cap John Nahas, Vice President of Business Development...

Bitcoin rally could be a mirage, writes our Analyst – a Deep Dive

Bitcoin rally could be a mirage, writes our Analyst – a Deep Dive

February 16, 2023
0

Key  Takeaways Bitcoin is up nearly 50% thus far this year, but there have been no positive catalysts from...

Fornax launches blockchain v1.0 with 20 milion coin supply

Fornax launches blockchain v1.0 with 20 milion coin supply

February 9, 2023
0

Fornax, a new player in the decentralized blockchain world, has announced the launch of its blockchain version 1.0 pre-sale....

Load More
  • Trending
  • Comments
  • Latest
Cryptanalysis project Toon Finance Coin will bring larger returns than DOGE & SHIBA INU in 2023 | NewsBTC

Cryptanalysis project Toon Finance Coin will bring larger returns than DOGE & SHIBA INU in 2023 | NewsBTC

December 17, 2022
Crypto Academy CEO Granit Mustafa: blockchain will “redefine digital finance”

Crypto Academy CEO Granit Mustafa: blockchain will “redefine digital finance”

September 23, 2022
Crypto inflows

Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market

June 14, 2022
Twitter Begins Massive Layoffs — Elon Musk Says 'No Choice' Citing $4M Loss per Day

Twitter Begins Mass Layoffs — Elon Musk Says ‘No Choice’ Citing $4M Loss per Day – Featured Bitcoin News

November 6, 2022
crypto stocks Bitcoin price

Amid Bitcoin Price Rally, BTC Funds See Major Outflows, This Cohort Is Booking Profits

0
Floyd Mayweather – Boxing Champion Promoted an ICO

Floyd Mayweather – Boxing Champion Promoted an ICO

0
Cannabis Industry Going Crypto | CryptoPost

Cannabis Industry Going Crypto | CryptoPost

0

Why South Korea Decided To Ban ICOs?

0
crypto stocks Bitcoin price

Amid Bitcoin Price Rally, BTC Funds See Major Outflows, This Cohort Is Booking Profits

March 21, 2023
afip argentine tax authority

Argentine Tax Authority AFIP Detects Irregularities in 184 Digital Wallet Tax Statements – Taxes Bitcoin News

March 21, 2023
fed crypto bitcoin

Tuesday’s Fed Meeting to Decide the Next Movement in Bitcoin (BTC) Price

March 21, 2023
Economist David Rosenberg Warns of Impending 'Crash Landing' and Recession, Citing Fed Data

Economist David Rosenberg Warns of ‘Crash Landing’ and Recession, Citing Fed Data – Economics Bitcoin News

March 21, 2023

Recommended

Axie Infinity (AXS)’s downtrend is stalling

Axie Infinity (AXS)’s downtrend is stalling

January 29, 2022
Nigerian Currency Redesign Controversy: Naira Slips by Almost 20%, Experts See Exchange Rate Reaching 1,000:1 USD Before Year End – Economics Bitcoin News

Nigerian Currency Redesign Controversy: Naira Slips by Almost 20%, Experts See Exchange Rate Reaching 1,000:1 USD Before Year End – Economics Bitcoin News

November 5, 2022
Ethereum’s Vitalik Buterin Claps Back At PoS Skeptics Ahead Of The Merge

Ethereum Sees Increased Buying Pressure By Whales As ‘The Merge’ Fuels Gains

July 25, 2022
Instagram Is Actively, nft, mosseri, platform

Ethereum NFTs Are Coming To Instagram And Facebook Is Next

May 10, 2022

Recent News

crypto stocks Bitcoin price

Amid Bitcoin Price Rally, BTC Funds See Major Outflows, This Cohort Is Booking Profits

March 21, 2023
afip argentine tax authority

Argentine Tax Authority AFIP Detects Irregularities in 184 Digital Wallet Tax Statements – Taxes Bitcoin News

March 21, 2023

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Business
  • Ethereum
  • Guide
  • ICO News
  • Litecoin
  • Market Analysis
  • Press Release
  • Regulation
  • Ripple
  • Stablecoin
  • Trading
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

CryptoReception © 2021 All rights reserved

No Result
View All Result
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading

CryptoReception © 2021 All rights reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.