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China’s digital yuan gets smart contract functionality alongside new use cases

China’s central bank digital currency (CBDC) has seen new use cases in recent days, including buying securities and making offline payments.

by CBDC Insider
January 20, 2023
in Asia, Business
Reading Time: 1min read
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China’s digital yuan gets smart contract functionality alongside new use cases
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China’s central bank digital currency (CBDC) — the digital yuan, or eCNY — 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 offering retail and food delivery services, according to a Jan. 17 report by local cryptocurrency media outlet 8btc.

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.

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The prize is a share of a “red envelope” known locally as hongbao containing 8,888 yuan, worth a little over $1,300.

Hongbao are small packets traditionally used for gifting money around Chinese New Year as a gesture of good luck.

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