Bank of China unveils new e-CNY smart contract test program for school education

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On Tuesday, state-owned Bank of China announced a new program to link primary school education with smart contracts, according to local news outlet Sohu.com. In joint partnership with local education and financial authorities, parents living in the city of Chengdu, located in China’s Sichuan province, can use the digital yuan central bank digital currency, or e, to enroll their children in after-school or extra-curricular lessons. will be able to. -CNY.

Under pilot testing, parents start by paying a deposit to a private educational institution for a series of lessons. Later, a smart contract binds each lesson based on a ratio of deposits. This way, if their children miss a lesson, the e-CNY payment is automatically credited back to their account via the smart contract. Bank of China said:

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“The program seeks to explore the benefits brought by e-CNY smart contracts. One possible use case is replacing the role of regulatory authorities to oversee payment transactions between parents and private education entities. The other is void. The transaction fee is improving the liquidity of transactions through embedded in the e-CNY design.”

Earlier, the Bank of China launched an e-CNY airdrop program for City of Chongqing residents as part of local incentives to reduce carbon emissions. Users who receive AirDrop can dispense their funds for scooter rides, food delivery without packaged utensils, recyclable shopping bags and tickets for public transportation. More than 4,567,000 merchants across China now accept e-CNY as a form of payment, in line with the country’s strategy to stimulate and digitize the economy with the help of emerging technologies such as blockchain.