The first application scenario of the central bank’s digital currency will be issued in the form of transportation subsidies, and Alipay will participate in the central bank’s digital cargo operations

According to the Science and Technology Board Daily, the central bank’s digital currency (DC / EP) will be issued as a form of transportation fee subsidy to employees of various district-level agencies, institutions and directly-owned enterprises in Xiangcheng District, Suzhou in May. According to the relevant documents obtained by the reporters of the Science and Technology Board Daily, Xiangcheng District of Suzhou requires employees of district administrative units to install digital wallets in April, and in May, 50% of the transportation subsidy of their salaries will be issued in the form of central bank digital currency. The Science and Technology Board Daily also reported that Alipay participated in the central bank digital currency (DC / EP) technology and hardware research and development, issuance and payment channel technology. According to the report, “DC / EP has the characteristics of traceability, encryption and penetrable supervision, and digital currency wallets have the characteristics of opening digital wallets with different logos according to different application types, which will greatly improve the efficiency of financial risk supervision , And put an end to financial fraud and other acts. “