China Pushes Digital Yuan for Wage Payments in Changshu
The city of Changshu, with a population of more than 1.5 million, will be the first city to use the digital yuan to pay wages of public employees.
The digital yuan is a form of money that exists only online and is backed by the Chinese government.
The Chinese government is accelerating its plans to launch the digital yuan.
The use of digital yuan for wage payments is expected to help protect people's privacy because e-payment platforms will no longer have access to information about transactions.