As we told you yesterday in our one report that China’s central bank digital currency (CBDC), also known as the Digital Yuan, is beginning to take shape and China got the success today of its efforts to launch it.





They launched one online app. It allows from the conversion of the Renminbi (RMB) to the Digital Currency with a 1:1 ratio. the app is available for download in four cities selected for the initial trial — Shenzhen, Chengdu, Suzhou, and Xiangcheng.





In an official letter of China Govt. it's stated there that China wants to launch this digital currency as soon as possible due to heavy losses in the economy because of recently pandemic Covid9





According to this letter enterprises and institutions and various management committees in each district of Xiangcheng District should sign a digital currency distribution agreement with the wage distribution bank, install a digital wallet for all staff (except retirees), and include transportation subsidies in the monthly salary. 50% will be issued through digital currency.





Furthermore, government employees will begin receiving part of their transportation subsidies in CBDC come May. This is a significant event for cryptocurrency and blockchain technology as it will be the first time that blockchain technology is leveraged at a national scale.





In addition, distributing funds via a CBDC allows countries to track and ensure that funds are being used appropriately. This also comes with the added benefit of preventing corruption, as the blockchain is 100% transparent.





As China’s CBDC begins to make headlines on the international stage, blockchain adoption will surge.