“China’s digital yuan experienced increased usage at the Hangzhou Asian Games, where athletes interacted with the new technology. New language features were introduced, and the currency is linked with Hong Kong’s Fast Payment System. Overseas visitors can now open a digital yuan wallet using an overseas mobile phone number, and can ‘top up first, and use later’, for smoother transactions.”
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Digital Yuan: China’s Leap Into Blockchain Salary Payments and Its Global Implications
A growing number of Chinese companies are switching to digital yuan for salary payments. The Zhongkai High-tech Industrial Development Zone, in partnership with the ICBC, has become the first city company to pay its employees, including CCP officials, in digital yuan. This initiative encourages digital yuan adoption and broadens its application in the public sector, helping to tackle the longstanding US dollar dominance.
Digital Yuan’s Strides and Hurdles: Can CBDCs Rival Traditional Cryptocurrencies?
BNP Paribas and Bank of China’s recent partnership promotes the digital yuan to corporate clients, advancing blockchain technology and digital currencies. However, widespread adoption remains uncertain, as the public’s response to China’s central bank digital currency (CBDC) could impact its success in challenging traditional cryptocurrencies and fostering blockchain innovation.