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cryptonews
2023-03-22 10:30:00

Chinese Employees Pay Social Insurance Fees, Taxes with Digital Yuan – Is CBDC Adoption on the Rise?

Chinese Employees Pay Social Insurance Fees, Taxes with Digital Yuan – Is CBDC Adoption on the Rise?

A growing number of Chinese employees and firms can now use the nation’s Central Bank Digital Currency (CBDC) – the digital yuan – to pay their social insurance premiums and taxes. Per reports from the Chinese media outlets JS China and NH News, citizens in Lianyungang and other cities in the digital yuan pilot zone can now use the People’s Bank of China (PBoC)’s digital yuan app to pay their social security and basic pension insurance fees.... Read More: Chinese Employees Pay Social Insurance Fees, Taxes with Digital Yuan – Is CBDC Adoption on the Rise?

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