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Bank of China unveils new e-CNY smart contract test program for school education

Published 08/16/2022, 01:15 PM
Updated 08/16/2022, 03:00 PM
Bank of China unveils new e-CNY smart contract test program for school education

According to local news outlet Sohu (NASDAQ:SOHU).com, on Tuesday, the state-owned Bank of China announced a new program to bridge primary school education with smart contracts. In a combined partnership with local education and financial authorities, parents residing in the city of Chengdu, located in China's Sichuan province, will be able to enroll their children in after-school or extracurricular lessons using the digital yuan central bank digital currency, or e-CNY.

Under the pilot test, parents start by paying a deposit to a private educational entity for a series of lessons. Afterward, a smart contract binds each lesson on a pro-rata basis to the deposit. This way, should their children miss a lesson, the e-CNY payment is automatically credited back to their account via smart contract. The Bank of China stated:

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