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Audit Finds Excessive Pay Features on China’s e-CNY ProjectChina’s Digital Currency Research Institute, responsible for developing the digital yuan, has come under scrutiny for its excessive pay rises, which exceeded the typical limit for central government departments by eight times, according to a recent audit report. The report, released by the National Audit Office, sheds light on the inner workings of the institute, which oversees China’s widely used central bank digital currency (CBDC).Photo by Eric Prouzet on Unsplash28 percent pay risesIn 2020, employees at the institute received an average salary increase of around 28%, a significant bump compared to the typical government limit. Despite its influential role, the Digital Currency Research Institute maintains a low profile, lacking an official website and public disclosure of its payroll size, budget, and organizational structure.Since the substantial pay increases in 2020, the institute’s growth appears to have accelerated. Job postings indicate that the institute embarked on a hiring spree in the past year, with positions ranging from Beijing-based software engineers for Google’s Android mobile operating system to cloud platform engineers in Suzhou and blockchain experts in Shenzhen.While the Digital Currency Research Institute is among several government agencies flagged for financial irregularities in the audit report, it is essential to note that the institute plays a crucial role in advancing China’s digital yuan project.Ongoing trialsOver the past four years, trials of the digital yuan, known as e-CNY, have rapidly expanded. Currently, there are 26 pilot cities and 5.6 million merchants accepting the CBDC, accessible through official apps and third-party payment systems such as Alipay and WeChat Pay.Despite the progress made in trial deployments, there is no official timeline for the official launch of the digital yuan. The e-CNY has already demonstrated its utility in various contexts. For instance, in major cities like Beijing, Shanghai, and Chengdu, subway riders can utilize e-CNY as a payment option through local transport apps. Moreover, passengers in eastern Zhejiang province can now use the official e-CNY wallet app to pay for the metro, even without an internet connection.While some cities have started exploring the use of e-CNY for bank loan and utility bill payments, the overall adoption of the digital yuan remains relatively slow. The amount spent using e-CNY is still a fraction of the massive 500 trillion yuan in mobile payments made in China last year. Consumers perceive little difference between e-CNY and traditional payment channels when using popular mobile payment apps.Jiangsu Province is establishing use of the digital yuan within its education system. Meanwhile, in the eastern city of Changshu, local administrators are starting to pay civil servants in e-CNY. To encourage wider acceptance and adoption, it will be crucial to further develop the infrastructure and address the concerns of businesses and consumers.As trials continue, it is expected that the digital yuan will play an increasingly significant role in China’s financial landscape, offering new opportunities while transforming the way transactions are conducted.

Data Labs leverages blockchain technology for data-based travel itinerary appFounded in 2021, Data Labs is changing the landscape of travel by leveraging blockchain and NFT technology to offer a wallet service called “MyInfo Market,” where users can store and control their own data, according to an article published by Korean news outlet Data News.In particular, MyInfo Market can be used in tandem with the company’s travel app Yeohaengdaelo, which utilizes users’ travel-related data to recommend travel destinations and organize and share itineraries. Users can directly manage their personal preference information on MyInfo Market and selectively submit the information necessary to receive rewards. “It’s not just a travel itinerary app, it’s also a way for individuals to earn money using their own data,” said Kim Jong-hyun, CEO of Data Labs.Photo by Eva Darron on UnsplashSeamless travel experienceYeohaengdaelo integrates Naver Blog, Instagram and KakaoTalk services into one app, aimed at relieving the stress that comes with travel preparation, Kim explained. It utilizes data such as the region a user is traveling to, their travel companions and information on facilities, as well as their travel preferences and patterns. The app also provides real-life services such as discounts at designated restaurants near the travel site.Building trust and valueThe company explained that it intends to maintain a cyclical data ecosystem where users can willingly provide their data to get travel recommendations and receive suitable compensation for that information in return. Because the ecosystem is blockchain-based, it provides a safe method of personal information management.Since the launch of Yeohaengdaelo in July, Data Labs has been developing a business model that can secure a solid user base and revenue for affiliated businesses. It expects to reach 55,000 members next year and 2.14 million members by 2028. The company also expects to use the business model as a basis for generating KRW 500 million (approximately $386,000) in revenue next year by linking marketing channels, issuing discount coupons for kids’ amenities and providing data royalties.In the future, Data Labs plans to expand Yeohaengdaelo to include not only travel preparation services but also information on various discounts that users can receive based on the location they are in. Efforts like this will be necessary to provide unique user experiences, the company said.Data Labs is also currently receiving support through Y&Archer’s tourism acceleration program. Y&Archer is a Korean investment and acceleration firm known for its AC Program, which discovers, accelerates and supports startups through various projects.“In the past, companies profited from personal data, but Yeohaengdaelo allows individuals to monetize their data. Our goal is to create a world where individuals can regain the rights (to their own data) and be at the center of Web3 content,” Kim said.

China Launches Digital Yuan ATMs in Hainan Resort City of SanyaThe latest in a long list of initiatives to bring about further use of China’s digital yuan has seen the introduction of e-CNY ATM machines within the resort city of Sanya on Hainan Island. That’s according to a recent report published by the South China Morning Post (SCMP).Photo by Monstera on PexelsInternational currency exchangeThe introduction of e-CNY foreign exchange machines aims to provide visitors with easy access to digital payments and enhance their experience in the local mobile payments ecosystem. Resembling traditional ATMs, these machines allow tourists to deposit 20 different currencies, including US dollars and euros, and receive a physical card loaded with e-CNY in return.The card can be used for seamless payments at participating merchants with a simple tap. Travelers can also use the machines to top up their e-CNY balance, check transaction records, and manage their funds.This initiative addresses the needs of tourists who often face challenges setting up Chinese mobile wallets, which have become essential for retail, dining, transportation, and shopping. These mobile wallets typically require real-name verification and a local bank account, posing difficulties for foreign visitors.While limited prepaid options have been available in recent years, the e-CNY card now offers a convenient digital payment solution without the need to download a separate app. The machines are currently available in two cities, with the Bank of China (BOC), one of 11 authorized banks for e-CNY, leading the development of these innovative devices.Earlier this year, BOC launched a similar foreign exchange machine at Yiwu International Trade City in Zhejiang province, emphasizing China’s efforts to promote digital currency and facilitate financial accessibility. Both Zhejiang and Hainan have been striving to become attractive destinations for foreign tourists and merchants. In May, administrators within the local government in Jiangsu Province confirmed that they would be launching an initiative to promote use of the digital currency within the local education system.The introduction of these machines aligns with Beijing’s mission to develop and promote its sovereign digital currency, known as the Digital Currency Electronic Payment (DCEP). The project, which began trials in 2019, aimed to enhance financial inclusion and digital finance accessibility for unbanked individuals.Digital yuan internationalizationChina has been actively pursuing the internationalization of the digital yuan, seeking to facilitate yuan-denominated trade and investment, while reducing reliance on the existing global financial system. In May, the BOC entered into a partnership with French financial services firm BNP Paribas that will see the company promote e-CNY to its corporate clients.China’s efforts to promote cross-border use of e-CNY extend to regions like Hong Kong, a key offshore yuan center. A trial of the e-CNY for cross-border payments took place last year, facilitating more than 150 million yuan ($22 million) of cross-border e-CNY transfers in 160 payments, involving 20 commercial banks in Hong Kong, Thailand, and the United Arab Emirates (UAE).As China continues to make inroads where adoption and use of the e-CNY are concerned, these developments signal a significant shift in the way we can expect sovereign currencies to be made available globally.