China’s MNBC is evolving – Since its creation, bitcoins finds it difficult to convince the states. On the contrary, the latter prefer Central Bank Digital Currencies (MNBC), much easier to control. This is particularly the case in China, which continues to democratize its e-CNY.
Cryptocurrencies and smart contracts: China continues to adopt its digital Yuan
The Central Bank Digital Currency (MNBC), the e-CNY, I just received an important update. Indeed, some smart contracts have been added to the system that supports e-CNY.
In parallel with its deployment, the Chinese government has presented a series of new use cases. For once, this novelty is linked to the famous red envelope. This is often used by the Chinese government as part of theadoption of its MNBC.
In fact, last December, the e-CNY wallet app introduced a new feature that allows users to do just thatsend digital red envelopes, with the aim of increasing adoptions ahead of the Chinese New Year on January 22nd. As a reminder, the red envelopes, also known as hobaothey contain 8,888 yuan ($1,300) and are used to donate money, especially on Chinese New Year.
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Meituan adopts e-CNY
As we just saw, China’s MNBC now supports smart contracts. This new feature was previewed on Meituana chinese app offering retail and food delivery services.
Meituan users can connect your e-CNY wallet to their application and use it for a variety of day-to-day services such as booking hotels, taxis and paying in restaurants.
In 2022, the app registered 660 million customers. Therefore, the mainstreaming of Chinese cryptography could drive its adoption.
Obviously, a event was arranged for celebrate the launch, with money to win. Then, when Meituan users place an order and pay with their e-CNY wallet, a smart contract is activated that searches for keywords and purchased items in their order.
If a user buys a product on your keyword list for the day, they’re in the running to win part of a prize. Not surprisingly, the price is nothing more than a share of a ” red envelope “.
For its part, the e-CNY is developing on all terrains. So it is accepted by 4.5 million merchants nationwide. In total, more than 284 million e-CNY transactions were made.
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