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China Adds Smart Contract Feature And More To Digital Yuan

In recent months, new use cases have emerged for the Chinese CBDC, the digital Yuan. Some of these uses include offline payments and buying of securities.

According to reports, China’s CBDC (the e-CNY or digital Yuan) now has several upgrades, allowing it to offer smart contract functions and other unknown use cases.

Digital Yuan Receives Smart Contract Functionality 

Earlier this week, a China-based crypto outlet, 8btc, announced that a smart contract feature is currently on the Meituan app. The Meituan application offers food delivery and retail services to users.

When a user of the Meituan app makes an order and pays using the digital wallet, the smart contract will search for specific keywords in their order and list of purchased items. Users who buy an item that appears on the keywords for the day will take part in a draw and stand a chance to win a prize.

Meanwhile, the prize is a portion of a “red envelope” or hongbao, valued at 8,888 Yuan (approximately $1,300). This gift is traditionally given as a lucky symbol and used to gift money during the Chinese New Year.

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For increased usage before the Chinese New Year, the e-CNY wallet app introduced a new feature in December. This feature will allow users to send digital red envelopes to their friends and loved ones.

Apart from the recent development, the government has added new use cases for the digital Yuan. However, they are not yet open to the public.

China’s CBDC Records Slow Adoption Despite More Uses Cases 

Recently, the China Securities Journal reported that individuals had used the e-CNY to purchase securities, the first of its kind. In addition, investors can use the e-CNY to purchase securities through Soochow Securities’ mobile application. Soochow Securities is a brokerage firm in China.

Another report by Yicai Global revealed that the digital Yuan wallet received a major update. This update allows Android phone users to conduct contactless payments even if the device is not connected to the internet or has no power.

The newly-added use cases come when China’s CBDC is struggling with adoption. A former executive from the People’s Bank of China (PBoC) recently acknowledged the lackluster performance of the digital Yuan, stating that usage has been low and the results thus far have not been satisfactory.

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Meanwhile, the PBoC had earlier published its currency circulation report, including e-CNY. It is the first time the bank has added the e-CNY to its report. According to the report, the digital Yuan accounted for 0.13% (13.61 billion e-CNY) of the total 10.47 trillion Yuan in circulation last year. produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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