Apr 23, 2023

Changshu Civil Servants to Receive Digital Yuan Salaries

The local financial supervision bureau and the municipal bureau of finance in the Chinese city of Changshu have issued a notice that all civil servants in its jurisdiction will be paid their full salaries in digital RMB or digital yuan from May 2023.

The employees of public service personnel, public institutions, and state-owned units at all levels in the city will now have the option of receiving their payments in digital yuan through self-service terminals.

The move is part of a larger pilot program initiated by Jiangsu Province, where Changshu is located, to establish an efficient and convenient digital RMB operation and management system by 2025.

The Chinese government has been aggressively pushing for the adoption of the central bank digital currency (CBDC) and has given away over 180 million yuan ($26.5 million) worth of the currency during the Lunar New Year period to boost its adoption.

However, the push has not been well-received in Hong Kong, where only 625 residents had signed up for the digital yuan hard wallet launch in the first four days, despite the 20% discount on purchases from 1,400 local vendors subsidized by the government.

NFTs (Non-Fungible Tokens) have been gaining traction in the web3 space, and the rise of digital yuan payments could be a major boost to the NFT industry. NFTs are unique digital assets, and their promotion and marketing can be a challenge for creators.

Twitter NFT marketing has become a popular way for creators to promote their NFTs, and there are now a number of NFT marketing agencies that specialize in helping creators to get the most out of their NFTs.

Moreover, with the rise of digital yuan payments, it could become easier for creators to sell their NFTs, as the payments would be more secure and efficient.

Overall, the rise of digital yuan payments could be a major boon for the web3 space and the NFT industry in particular. It could make it easier and more secure for creators to promote and sell their NFTs, as well as helping to increase the adoption of the digital yuan.

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