China CBDC Adoption Digital Currency Smart Contracts Yuan China

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.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.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.Alongside the latest development, new uses for the e-CNY have also been added over the last few days.A Jan. 16 report from the China Securities Journal said e-CNY was used to buy securities for the first time.

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