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

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


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

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