Sohu.com, a local news site in China, said on August 16 that the state-owned Bank of China has unveiled a new initiative to bridge the gap between instruction provided in elementary schools and the use of smart contracts.
Parents in the city of Chengdu, which is located in the province of Sichuan in China, will soon be able to enrol their children in after-school or extracurricular lessons using the digital yuan, the central bank’s digital currency, which is abbreviated as e-CNY. This opportunity is the result of a combined partnership between local education and financial authorities in the city.
In order to participate in the pilot programme, parents must first make an initial payment to a private educational organisation for a set of classes. After that, a smart contract will tie each individual lesson to the initial deposit on a proportional basis. In the event that their children are absent from a class, the e-CNY money will be instantly refunded to their account as a result of the smart contract.
Previously, the People’s Bank of China distributed electronic Yuan via a programme known as “e-CNY airdrop” to the citizens of the city of Chongqing. This was done as a local incentive to reduce carbon emissions. Users who are fortunate enough to get the airdrop have the ability to spend their earnings on things like rides on scooters, meal deliveries that do not come with bundled utensils, recyclable shopping bags, and tickets for public transportation. In line with the plan of the Chinese government to boost and digitise the economy with the assistance of new technologies such as blockchain, more than 4,567,000 retailers throughout China are now accepting e-CNY as a form of payment.