The publication China Star Market reported that in may, employees of the municipality of the Chinese city of Suzhou will receive part of the payments they are entitled to in the state cryptocurrency.
As reported by China Star Market with reference to an official document, 50% of the may transport subsidies officials of the city of Suzhou will receive in the state digital currency. At the same time, the cryptocurrency will be issued by four state-owned banks: Agricultural Bank of China (ABC), Industrial and Commercial Bank of China, Bank of China and China Construction Bank.
In an official document, all state institutions in Suzhou are invited to sign contracts with these banks to issue Chinese digital currency, as the launch of the system is planned in may. All officials will be asked to download and install digital wallets developed by banks to receive their payments.
China Star Market notes that The alipay payment system has confirmed participation in the development and release of the state digital currency. In addition, it was recently reported that ABC has already started testing a mobile app for the national cryptocurrency.