Government employees will receive half of their transport subsidies in the form of China's digital yuan next month. In the first phase of the test, Suez City employees will receive their digital Yuan in May. Payments will be made by four Chinese state-owned banks. The banks are also required to install a digital wallet for all their employees by signing a contract. "While the Americans are thinking about whether it's necessary to use a mask, China is unveiling a revolutionary technology," said Matthew Graham, CEO of SinoGlobal Capital.
During the second phase of China's digital yuan distribution, the currency will be paid to government employees next month. According to local media reports, the digital yuan, officially known as the "digital currency / electronic payment" (DC / EP), is set to be replaced by half the cost of subsidizing transportation for government employees. The trial phase first targets Suzhou city employees. According to the report, the payments are issued by four state-owned banks, including China Bank, China Agricultural Bank, China Industrial and Commercial Bank, and China Construction Bank. Citing an official letter, the report states that the banks must sign a digital currency distribution agreement by the end of April. Part of the agreement stipulates that banks are required to install a digital wallet for all their employees.
China's digital wallet is in the public trial version
China's digital wallet development is in line with the country's recent move to distribute digital yuan in four test areas. SinoGlobal Capital CEO Matthew Graham said in a recent interview:
The DC / EP project is expected to enter the next pilot phase, specifically by the China Agricultural Bank, in four test areas.
Graham posted a few pictures on Twitter that appear to belong to a DC / EP wallet:
While Americans are wondering whether it is necessary to use a mask, China is unveiling a revolutionary technology.
Of course, the US government has recently been looking for a way to send money optimally, but China has once again shown that it is far ahead of its rivals.