Chinese local governments have started paying public employees in “digital yuan,” a move experts say leaves users open to surveillance and instant revocation of their funds if officials see fit.
Digital yuan is a virtual currency that people can load on their phones and use to buy groceries, ride public transportation and pay medical bills, but is only usable while connected to the internet – a major drawback in the eyes of many.
Civil servants and employees at state-owned enterprises in eastern China’s Jiangsu province will receive all of their May paycheck in the form of digital currency, authorities in Changshu city announced in a recent statement that was cited by several state-backed media organizations.
Authorities in the central city of Changsha have also started paying some police officers in digital yuan, to the tune of 47 million yuan, the Securities Times…
