HomeBlockchainA new e-CNY smart contract test program for education is released by...

A new e-CNY smart contract test program for education is released by the Bank of China.


In the pilot test, parents used smart contracts to sign up their kids for after-school job programs.

The state-owned Bank of China reportedly unveiled a new initiative on Tuesday to integrate smart contracts into primary school education, according to the local news source Sohu.com. Parents living in Chengdu, a city in China’s Sichuan province, will be able to sign up their kids for after-school or extracurricular activities using the digital yuan central bank’s currency, or e-CNY, thanks to a partnership between the city’s financial and educational authorities.

In the pilot test, parents first give a private educational institution a deposit for a number of lessons. After that, each lesson is proportionally bound to the deposit by a smart contract. In this way, the e-CNY payment is automatically credited back to their account via smart contract should their kids miss a lesson. According to the Bank of China:

“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.”

In the past, the Bank of China launched an e-CNY airdrop program for citizens of the city of Chongqing as a local incentive to reduce carbon emissions. Users who receive the airdrop can use their funds to purchase scooter rentals, unpackaged food deliveries, reusable shopping bags, and public transportation tickets. According to China’s strategy to energize and digitize the economy with the help of cutting-edge technologies like blockchain, over 4,567,000 merchants all over the country now accept e-CNY as payment.

Leave a Reply


A Fake Google Translate App Mining Monero (XMR).

The sophistication of the bad actors employed to trick people is unmatched. And one way to do this is to mine cryptocurrency while abusing a...

China Accelerates its Transition to Web 3 Despite its Dislike of Bitcoin but not Metaverse.

The metaverse is a government concern in China. The Beijing city administration unveiled its two-year action plan, which emphasized innovation and the growth of metaverses,...

The developer of Tornado Cash will be detained for 90 days.

Although he has not yet been charged with a crime, Alexey Pertsev, the creator of the US-approved Ethereum-based cryptocurrency mixer Tornado Cash, will have to...

Samsung’s own cryptocurrency exchange may launch in 2023.

It is not new for IT behemoths like Google (NASDAQ:GOOGL) and Samsung (F:SAMEq) to be interested in blockchain technology. There are just too many potential...

Follow us


Most Popular

%d bloggers like this: