China will issue national digital currencies to local government employees in May

HCM Capital expects that China's digital currency will launch in 2-3 months

China's national digital currency (DCEP) will be issued to local government employees in Suzhou City in May, according to a local newspaper on Thursday.

Evidence of an official document, sheet China Star Market said Suzhou city government employees will receive 50% of their May transportation allowance in DCEP. The digital currency issuer for these employees will be four state-owned banks, including the Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China and China Construction Bank.

According to China Star Market, the official document is requiring all government organizations and committees to sign DCEP issuing contracts with these banks in preparation for the launch in May. All employees will have to Download the digital wallets developed by these banks to receive benefits.

Earlier this week, Toiyeubitcoin reported that the Agricultural Bank of China had piloted a digital wallet application. However, at that time, only whitelisted bankers were allowed to register for an account on the app. In December 2019, the PBoC was reportedly planning to launch DCEP pilot programs in several major Chinese cities, including those of Shenzhen and Suzhou. Since the coronavirus epidemic broke out, the central bank has repeatedly mentioned that the development and testing of this digital currency is "going smoothly".

China Star Market also revealed that Alipay, a popular payment application for e-commerce giant Alibaba, has confirmed to them their participation in the technology development and release process of DCEP.

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According to The Block
Translated by ToiYeuBitcoin


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