The bank of china is the first institution to implement a novel application of china’s central bank digital currency (cbdc) system. the e-cny smart contracts function is used to automate the process of sending funding to after-school programs. private schools often allow parents to put down a deposit for a set of sessions. the smart contract then automatically processes payment after each class, making refunds convenient.
the digital research institute, the chengdu longquanyi district education bureau, and the chengdu tianfutong financial services co., ltd. are collaborating on the project to bring the product to the city of chengdu in china’s sichuan province first.
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