Digital renminbi wages are issued on an agency basis. This business uses the Blockchain Fund Payment Platform in Xiong’an New District to pay wages in the form of digital renminbi to the builders of spring afforestation projects, which also marks the smooth landing of the country’s first blockchain and digital renminbi application scenario.”

Digital RMB

In the latest announcement, China claims to be using blockchain technology to pay wages.

Xiong’an is a major construction locality employing some 160,000 construction staff. It is 27,000 hectres and has 3,800 enterprises already registered.

There is a high speed rail link to the capital (in 50 minutes).

Construction use cases have been seen as good targets for blockchain solutions due to the difficulties in getting payments for subcontractors.

A digital solution enables contracts to be linked into payments. The CBDC implementation takes that a stage further allowing subcontractors to be paid directly in fiat currency. It uses the Blockchain Fund Payment Platform.

Part of the design for Xiong’an in the Hebei Province is to an “intelligent city” focusing on global talent. It is a self-sufficient city by design. This has had major investment.

 

 

 

 

 

 

 

By cryptorocks_editor

Editor.