The Chinese digital yuan adds smart contracting capabilities

the digital yuanalso known as eCNY, has received an upgrade to smart contract functionality, according to a report by local crypto media outlet 8btc.

The job was launched ahead of the Lunar New Year on Meituan, a Chinese app that offers retail and food delivery services. When users place an order and pay with their e-CNY wallet, the smart contract is triggered and searches for keywords and items purchased in their order.

If a user buys something on this day’s keyword list, they will be entered into a drawing to win a share of 8,888 yuan (worth just over $1,300 USD) given in the “red envelopeAndKnown locally as Hongbao.

China is taking the lead in adopting central bank digital currencies, as it is making great achievements in digitizing the global economy and increasing the demand for digital payments.

More than 90% of central banks have already begun researching digital CBKs, and the digital iteration of China’s digital yuan, or e-CNY, has shown the potential to make a difference in the real world. The adoption rate is steadily increasing, with users seeing Real benefits.

China is leading the way in CBDC development

Besides the smart contract feature, the China Securities Journal reported that e-CNY was used to purchase securities for the first time. Investors can also use CBDCs to buy securities through the mobile app of Soochow Securities, a local brokerage firm.

The yuan digital wallet app has also received an update, allowing users to make contactless payments with their Android phones even if their device is without internet or power.

While other countries such as the United States, Russia, Europe and the United Kingdom are still in the initial stages of implementing the Convention on Biological Diversity, China progress serves as a promising example of the potential benefits of CBDCs.

The Federal Reserve, in coordination with a group of private banking firms, launched a 12-week period Digital dollar A pilot project, but concerns about the concept of financial freedom and the cost of implementation remain moot as the process develops in 2023.

The success of the Chinese digital yuan, or e-CNY, shows the potential benefits of central bank digital currencies. It also raises important questions about the role of central banks in the digital economy and the implications for financial freedom and privacy.

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