Crypto Why the Chinese government integrate smart contract with the china digital yuan

[Lens1000]

The Chinese government is set to integrate smart contract in its digital yuan called e-CNY. The smart is built on the blockchain. This will enable it's users carryout a self executed payment. This will ensure a secure transaction through encrypted storage, digital signature and digital certificate

It is important that the CBDC project integrates the smart contract for secured transactions. China is the first of all the countries planning to adopt CBDC to integrate the smart contract.

Moreover, it will not allow the share of transaction data with the third party. The government reiterated that they will protect the privacy of small transaction but will trace the high value transaction. This will enable the government check if the high value transaction conform with the money laundering polices and tax evasion.

How would you react to this giant strive by the Chinese government .

 

[Alexandoy]

It looks like China is moving forward with its fight against corruption and illegal activities involving the Yuan. That is good because I am on the side of the government. If the crypto coin will grow so much that it cannot be controlled anymore then it might affect the economy of a country which may ruin the equilibrium of the world economy.

 

[Lens1000]

It looks like China is moving forward with its fight against corruption and illegal activities involving the Yuan. That is good because I am on the side of the government. If the crypto coin will grow so much that it cannot be controlled anymore then it might affect the economy of a country which may ruin the equilibrium of the world economy.

China is the only country working better on the CBDC project. Integrating a smart contract is a laudable move to making the e-CNY a decentralized and self executed payment possible. Moreover, your transaction becomes secured as it eliminates the third party and alo protect your transaction through encrypted storage.

 

[Mika]

Well, I am not an expert on crypto currency but I believe that Chinese digital yuan is not a crypto currency but a digital version of fiat currency that is backed by yuan reserve in the China's central bank. I was not aware of this smart contract integration. I will have to do more research on this topic.