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
A former official from the People’s Bank of China (PBOC), the country’s central bank, even made a rare public admission in December 2022 saying the digital yuan’s “usage has been low” and “highly inactive” and added, “the results are not ideal.”
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.
