China Reveals Digital Yuan White Paper: Smart Contracts, $5.4B Settled, Large...
The working group involved with the research and development of the digital yuan for the People’s Bank of China (PBOC) has published a paper describing the digital currency’s progress. The PBOC initiated a task force dedicated to the creation of a digital yuan in 2014, and the recently published document is the project’s first white paper released in seven years. China’s Digital Yuan Is No Different Than Physical RMB After the creation of Bitcoin and a few years after the cryptocurrency economy started getting recognized, the PBOC was one of the first central banks....
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The China Central Bank has revealed many facets of its Central Bank Digital Currency in a newly released whitepaper, one of the plans in the whitepaper is that the PBOC will utilize smart contracts for digital currency. The digital version of the Chinese Yuan is also called e-CNY. By using smart contracts, the digital Yuan […]
A working paper released in English by the People's Bank of China cites cryptocurrencies as an important context for the digital yuan's development and reveals that the digital currency will use smart contracts to allow for programmability. Much attention has been paid to the global, geopolitical implications of China’s rapid and pioneering development of its digital yuan, also provisionally known as e-CNY.Yet in a new white paper published by the Working Group on E-CNY Research and Development of the People’s Bank of China (PBoC), the institution gave a more domestic-focused and....
Smart contracts can automate many different kinds of processes and operations, the most obvious being payment and actions conditional on payment. But the capabilities extend to many business and organizational activities. A white paper [PDF] by the Chamber of Digital Commerce with the support of the Smart Contracts Alliance presents 12 use cases of contracts for business and beyond. Nick Szabo in 1996 described a smart contract as “a set of promises, specified in digital form, including protocols within which the parties perform on these promises,” a definition that still describes the....
Stefan Thomas is one of the more talented and respected developers in the space. An old hat at this young technology, he has been making waves as the CTO of Ripple labs. In a recent effort he has set his sights on smart contracts technology. The designs and implementation he and his team have come up with are interesting, to say the least. In a white paper entitled Smart Oracles, we see described a novel, simple, and flexible approach to smart contracts. In such a system, rules can be written in any programming language, and contracts can interact with any service that accepts....
China is giving away 10 million yuan in its central bank digital currency in Beijing. Recipients can spend the digital yuan during the Chinese New Year festival. Beijing has become the third major city in China to test the central bank digital currency. 50,000 People to Receive Free Digital Yuan China is actively testing its central bank digital currency (CBDC). Beijing is the next city to receive a digital yuan airdrop. The Beijing municipal government announced over the weekend that it will hand out a total of 10 million yuan ($1.55 million) to 50,000 people in the city who register for....