Bank of China unveils new e-CNY smart contract test program for school education
The state-owned bank makes a move to further digitize the economy through integrating smart payments in education and extra-curricular activities
By Shashank Bhardwaj
A local news outlet has reported that the state-owned Bank of China unveiled a new program that aims to bridge primary school education with smart contracts. In a partnership with local education authorities and financial authorities, children residing in Chengdu, located in China’s Sichuan province, will now have the ability to enroll in after-school programs or extracurricular lessons using digital yuan central bank digital currency, or e-CNY.
The pilot test would mean that parents can start off by paying a deposit to a private educational entity for some lessons after which a smart contract would be generated to bind each lesson on a pro-rata basis to the individual’s deposit. This would smoothen the process through automatically crediting back the e-CNY payment to their account if a child misses the lesson or activity.
"The program seeks to explore the benefits brought forth by e-CNY smart contracts. One potential use case is replacing the role of regulatory authorities to monitor payment transactions between parents and private education entities. Another is improving transactions' liquidity via zero transaction fees embedded in the e-CNY design," the Bank of China explained in a statement.
This is not the first time that the Bank of China introduced an e-CNY scheme since it had earlier created an airdrop program for Chongqing’s residents as an effort to reduce carbon emissions. Within that program, users on the receiving end of the airdrop could dispense their funds for sustainable activities such as scooter rides, recyclable shopping bags, tickets to public transport, etc. Today, over 4,567,000 merchants in China accept e-CNY as payment, making the country’s efforts to digitize the economy and encourage the emerging technologies like blockchain a considerable success.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..