{"id":541192,"date":"2023-01-20T05:21:37","date_gmt":"2023-01-20T02:21:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinas-digital-yuan-gets-smart-contract-functionality-alongside-new-use-cases\/"},"modified":"2023-01-20T05:21:37","modified_gmt":"2023-01-20T02:21:37","slug":"chinas-digital-yuan-gets-smart-contract-functionality-alongside-new-use-cases","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinas-digital-yuan-gets-smart-contract-functionality-alongside-new-use-cases\/","title":{"rendered":"# China\u2019s digital yuan gets smart contract functionality alongside new use cases"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a240956ca71f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a240956ca71f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/chinas-digital-yuan-gets-smart-contract-functionality-alongside-new-use-cases\/#%E2%80%9D_Chinas_digital_yuan_gets_smart_contract_functionality_alongside_new_use_cases_%E2%80%9C\" >&#8221; China\u2019s digital yuan gets smart contract functionality alongside new use cases &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/chinas-digital-yuan-gets-smart-contract-functionality-alongside-new-use-cases\/#Digital_yuan_sees_new_avenues_for_use\" >Digital yuan sees new avenues for use<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Chinas_digital_yuan_gets_smart_contract_functionality_alongside_new_use_cases_%E2%80%9C\"><\/span>&#8221; China\u2019s digital yuan gets smart contract functionality alongside new use cases &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>China\u2019s Central Bank Digital Currency (CBDC) \u2014 the digital yuan, or eCNY \u2014 has received upgrades giving it smart contract functionality alongside a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of newly unveiled use cases.<\/p>\n<p>The smart contract function was launched on the Meituan <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>, a Chinese app offering retail and food delivery services, according to a Jan. 17 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.8btc.com\/article\/6799088\">report<\/a> by local cryptocurrency <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> outlet 8btc.<\/p>\n<p>When Meituan users place an order and pay with their e-CNY wallet, a smart contract triggers and searches for keywords and purchased items in their order. If a user buys something on the list of keywords for the day, they go in the draw to win part of a prize.<\/p>\n<p>The prize is a share of a \u201cred envelope\u201d known locally as <em>hongbao<\/em> containing 8,888 yuan, worth a little over $1,300.<\/p>\n<p><em>Hongbao<\/em> are small packets traditionally used for gifting money around Chinese New Year as a gesture of good luck.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/5a39b78d-ca22-4893-8b72-50ac22897498.png\"><figcaption style=\"text-align: center;\"><em>A user prepares to send a digital red packet on the messaging app WeChat. Image: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=RLfxkhfcjfY\">YouTube<\/a><\/em><\/figcaption><\/figure>\n<p>In December last year, the e-CNY wallet app introduced a feature for users to send digital red envelopes in a bid to boost adoption before the Chinese New Year on Jan. 22.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Digital_yuan_sees_new_avenues_for_use\"><\/span>Digital yuan sees new avenues for use<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Alongside the latest development, new uses for the e-CNY have also been added over the last few days.<\/p>\n<p>A Jan. 16 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cs.com.cn\/qs\/202301\/t20230116_6319196.html\">report<\/a> from the China Securities Journal said e-CNY was used to buy securities for the first time. Investors can also use the CBDC to buy securities with the mobile app for Soochow Securities, a local brokerage firm.<\/p>\n<p>The digital yuan wallet app also received an update with users now able to make contactless payments using Android phones even if their device is without internet or power according to a Jan. 11 Yicai Global <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.yicaiglobal.com\/news\/e-yuan-app-adds-payment-function-for-when-mobiles-are-offline-out-of-power\">report<\/a>.<\/p>\n<p>The new uses for the digital yuan come as China has been struggling with the adoption rate of its CBDC. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>CBDCs not worth the costs and risks, says former BoE advisor<\/em><\/strong><\/p>\n<p>A former official from the People\u2019s Bank of China (PBOC), the country\u2019s central bank, even made a rare public admission in December 2022 saying the digital yuan\u2019s \u201cusage has been low\u201d and \u201chighly inactive\u201d and added, \u201cthe results are not ideal.\u201d<\/p>\n<p>On Jan. 10, the PBOC included e-CNY in currency circulation reports for the first time revealing the CBDC represented roughly 0.13% of the 10.47 trillion yuan ($1.54 trillion) in circulation at the end of 2022.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/china-s-digital-yuan-gets-smart-contract-functionality-alongside-new-use-cases\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; China\u2019s digital yuan gets smart contract functionality alongside new use cases &#8220; China\u2019s Central Bank Digital Currency (CBDC) \u2014 the digital yuan, or eCNY \u2014 has received upgrades giving it smart contract functionality alongside a series of newly unveiled use cases. The smart contract function was launched on the Meituan app, a Chinese app&#8230;<\/p>\n","protected":false},"author":1,"featured_media":541193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/665c8e7e-7b30-46bb-99f4-27ce0fbb1687.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75159,75049,75434,75057,74355,4973],"class_list":["post-541192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-digital-currency","tag-peoples-bank-of-china","tag-smart-contracts","tag-yuan","tag-adoption","tag-china"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/541192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=541192"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/541192\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/541193"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=541192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=541192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=541192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}