• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

China debuts blockchain-based digital yuan salary payments

4 years ago
in Banking & Finance, Business, Cryptocurrency, Editor's pick, highlights, Home, home-news, latest News, Technology
1 min read
0 0
0
94
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

China has taken a major step in its central bank digital currency (CBDC) tests. The country just debuted and successfully launched blockchain-enabled salary payments with digital yuan at Xiong’an. According to the official website of the Xiong’an New Area, the People’s Bank of China (PBoC) has successfully integrated the country’s first on-chain wage payouts in the digital yuan.

Xiong’an authorities announced this on Saturday, stating 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 new CBDC pilot uses 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 the blockchain.

Read This: China to hand out $6.2 million in digital currency to Beijing residents as part of trial

According to the announcement, blockchain-based salary payouts significantly simplified the wage payout process. The successful 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 which happened in April 2020. In February 2021, the Xiong’an branch of the Agricultural Bank of China in Hebei produced the first digital yuan-designed hardware wallet. The product was developed by the Party Working Committee of the Xiong’an New Area and the PBoC’s branch in Shijiazhuang.

What this means

Nairametrics reported on China’s recent progress on issuing a CBDC and with every passing day, China will be the country to pioneer this innovation and integrate it into its country as an official means of paym

RelatedPosts

GHS 395 Billion Asset Value of SOEs Formed 33.5% of Ghana’s GDP in 2024

JVCs Post GHS1.51bn Profit, Assets Rise 39.9% in 2024 – SIGA Report

Gulf Countries Respond to U.S. Trade Pressure With Trillion Dollar Plans

ent. So far, all pilot programs launched in the country have been very successful and we can expect more regions in the country will start to pilot the new digital yuan. Other countries such as Nigeria and Ghana have all embraced the need for a CBDC and are currently in the process of bringing the projects to fruition.

Source: nairametrics
Via: norvanreports
Tags: Agricultural Bank of Chinablockchaincentral bank digital currency (CBDC)digital yuanPeople’s Bank of China (PBOC)
No Result
View All Result

Highlights

Wall Street Forecasts Oil in the $50s Next Year

Ghana 5th in Africa for IMF Outstanding Debt in August 2025

Joe Jackson Warns BoG’s 10% NPL Target Could Squeeze SME Lending

SOEs Record 28.3% Revenue Growth But Post GHS 9.67bn Net Loss in 2024 – SIGA Report 

Three SOEs Make First Dividend Payment of GHS 29.3m in 30 years

Gov’t Misses T-Bills Target by GHS 3.38bn as Investor Appetite for Debt Shifts to BoG Securities

Trending

Business

GHS 395 Billion Asset Value of SOEs Formed 33.5% of Ghana’s GDP in 2024

September 1, 2025

GHS 395 Billion Asset Value of SOEs Formed 33.5% of Ghana's GDP in 2024 State-Owned Enterprises (SOEs)...

JVCs Post GHS1.51bn Profit, Assets Rise 39.9% in 2024 – SIGA Report

September 1, 2025

Gulf Countries Respond to U.S. Trade Pressure With Trillion Dollar Plans

September 1, 2025

Wall Street Forecasts Oil in the $50s Next Year

September 1, 2025

Ghana 5th in Africa for IMF Outstanding Debt in August 2025

September 1, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

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

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.