China, which has developed its own digital currency, is gradually implementing this digital currency. It seems that the first people to distribute this money will be municipal employees.
Pay with Digital Money
According to the news of China Star Market, employees of Suzhou Municipality will receive their money in digital money next month. The municipality will provide the digital money to be distributed to employees from four different banks: Industry and Agriculture Bank, Agricultural Bank, Commercial Bank and Construction Bank.
According to the information provided by The Block, local governments will need to contact these banks and fill in the relevant documents in the next few weeks. Although it is not yet clear how exactly the process will work, it seems that these four banks will provide digital money from the Central Bank of China by showing applications from local governments. The Central Bank will transfer digital money in line with the requests.
Municipal employees will need to download relevant digital wallet apps before May. In this way, employees will be able to transfer the money they receive from the municipality directly to their digital wallets.
Authorities in China have been working hard to develop this digital wallet application for a while. Yesterday’s information shows that this application is almost ready.
As we mentioned in the article we shared the other day, the first images came from this application. Although it is still considered to be in the draft stage, implementation is expected to be completed in a short time.