The distribution of the DCEP, China's national digital currency, will start next month among local government employees in the city of Suzhou, local news outlet China Star Market has reported.
According to the media, starting next month employees will start receiving 50% of their transportation subsidies in the new national digital currency, which will be issued by the Agricultural Bank of China, the Industrial and Commercial Bank of China, the Bank of China and the China Construction Bank.
In order to receive the currency, employees in this city must download the digital wallets developed by these banks.
The financial giant Alipay has also shown its interest in participating in the initiative, both in the development of its technology and in the issuance of the currency.
iHodl reported yesterday one of the banks participating in the project, the Agricultural Bank of China, had made its digital wallet available for download. However, just users participating in the project - those which are included on a white list - can access certain functions.
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