Starting May 2023, civil servants in the Chinese city of Changshu will receive their salaries in digital yuan, according to local reports. The financial authorities in the city issued a notice stating that civil servants at all levels, including those in public service, public institutions, and state-owned units, will be compensated in digital yuan. Local reports also indicate that employees can choose digital yuan settlements through self-service terminals. The Jiangsu province, where Changshu is located, launched a pilot program for the digital yuan in Q1 2023 with the aim of establishing an efficient and convenient operation and management system by 2025.
Meanwhile, the Chinese government’s push for CBDC adoption has not been well received by Hong Kong residents. Despite a 20% discount on purchases from 1,400 local vendors for CBDC holders, only 625 residents had signed up for the digital yuan wallet’s hard launch in the first four days.
