Chinese officials get paid in cryptocurrency

By Artur89 | Arthur Crypto 2020 | 8 Jun 2020


As part of testing new technologies, the Central Bank of China launched a national digital currency in four strange cities.

Digital yuan's internal testing is conducted in Shenzhen, Suzhou, Chengdu, and Xunyang. According to the bank, these tests will not affect the commercial activities of the companies involved or the circulation of fiat money.

Pilot programs in each city are focused on different areas of the economy. In Xiongyang, the satellite city of Beijing, the main emphasis is on food companies and retail. In Suzhou, the currency will be used to subsidize transport.

The program will be attended by government officials of selected cities. The first salary in tokens has already been received by Chinese officials on their electronic wallets in early May.

The country plans to use the digital yuan at the 2022 Winter Olympics, which means that the launch of the currency may take place by mid-2021.

As previously reported, Chinese cryptocurrency will have the function of anonymous transactions. However, the government reserves the right and the ability to control and track even “anonymous” transfers. By blocking savings or limiting spending, the government can easily manipulate the population, limiting those who are undesirable with a low social rating.

 

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Artur89
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