China Central Bank Releases Digital CNY Smart Contract Prepaid Fund Management Product

According to the China Financial Association, the Digital Currency Research Institute of the People's Bank of China has launched a digital renminbi smart contract prepaid fund management product - "Yuanguanjia".

The product was launched to the public across the country at the 2022 Second China (Beijing) Digital Finance Forum held on September 8.

It aims to provide users with prepaid consumption service scenarios by deploying smart contracts on digital RMB wallets. A solution to prevent merchants from misappropriating funds and protect users' rights and interests.

This product solves the problem that users avoid merchants running away with prepaid consumption and protects consumers' rights and interests.

The company that released the digital renminbi smart contract prepaid fund management product-Beijing, Central Business District Xinlian Technology Co., Ltd., said that: "this model transforms prepaid consumption into instant consumption, further clarifies that the ownership of prepaid funds belongs to consumers, and ensures that prepaid funds are not was misappropriated."

Data shows that the digital yuan (e-CNY), the digital currency of the People's Bank of China (CBDC), is growing rapidly. Since the public trial, transactions in the new fiat currency have totalled 87.57 billion yuan ($13.68 billion).

Last month The Bank of China, in collaboration with the Education Bureau and financial authorities of Longquanyi District, Chengdu, launched an educational electronic RMB smart contract prepaid fund management product, extending the pilot scope to school education,

As reported on August 25 by blockchain.News, the Beijing municipal government has announced a two-year (2022 – 2024) Metaverse innovation and development plan that will require all districts to follow the newly released Web3 innovation program guidelines.