China has enabled smart-contract functionality for its central bank digital currency (CBDC), the digital yuan, through the e-commerce app Meituan, one of China's largest food delivery and lifestyle apps.
The smart contracts used by Meituan allow a daily prize of 8,888 RMB ($1,312) to be divided up, according to local crypto media outlet 8btc and other mainstream internet media outlets in China.
When a user places an order with the app and pays for it with the digital yuan, the smart contract is triggered and looks for certain keywords in the list of goods purchased and the merchant name. If a user happens to have some of those keywords, which change daily, the smart contract will allocate a portion of the 8,888 RMB to his or her digital yuan wallet.
At the end of 2022, digital yuan accounted for 0.13% of the total circulation of Chinese renminbi yuan, the People's Bank of China said earlier in January.
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