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31 July 2021

Digital Yuan Will Support Smart Contracts: Chinese Central Bank - Decrypt

Digital Yuan Will Support Smart Contracts: Chinese Central Bank - Decrypt


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Digital Yuan Will Support Smart Contracts: Chinese Central Bank.

The Chinese central bank’s digital yuan will have “smart contract programmability.” But the bank said its new currency, which is controlled by the central bank, is nothing like smart contract-enabled cryptocurrencies like Ethereum.

The digital yuan is the People's Bank of China’s central bank digital currency (CBDC)—a digital version of a fiat currency.

In a progress report published today, the PBoC said its digital yuan could be programmed with “smart contracts that do not impair its monetary function” and is based on “the premise of security and compliance.” A smart contact-powered digital yuan could allow for automated payments, the bank said.

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