• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: DC Crypto Summit Turns Tense: Senators Confront CEOs Over Alleged Political Allegiances
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: DC Crypto Summit Turns Tense: Senators Confront CEOs Over Alleged Political Allegiances
The Digital Yuan On China To Integrate Smart Contracts

The Digital Yuan Of China To Integrate Smart Contracts

Asad Gilani
by Asad Gilani
4 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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 will allow self-executing payments. However, these sorts of payments will rely on some conditions that the contracting parties will agree on.

Related Reading | Bitcoin Node Network Marks An All-Time High After A Roller Coaster Journey

Usually, developers build smart contracts on the blockchain. Although, the People’s Bank of China hasn’t yet disclosed whether the digital Yuan will also use blockchain technology.

Instead, the whitepaper mentioned that the currency is based on digital signatures, encrypted storage, and digital certificates to ensure that transactions are secure and there’ll be no double-spending.

This latest news indicates that the China bank will be leading the pack in integrating smart contracts with a Central Bank Digital Currency. According to the whitepaper, integrating smart contracts will help to boost the “business model innovation.”

Smart Contracts And Hardware Wallets

Another piece of information in the whitepaper is that users of the Digital Yuan can also store it on different tools. Some of these storage tools include hardware wallets and software wallets that will base on “security chips.”

Also, the whitepaper suggested that users can add components to wearable objects, mobile phones, and Internet of things devices to increase the security of their storage devices.

According to the PBOC, they will focus on securing personal data and ensuring that the transactions are private. To achieve that, the e-CNY will collect lesser information for its transactions than what is attainable in traditional electronic payments.

Related Reading | U.K. Sales Person Pleads Guilty For Using Bitcoin to Fund Islamic State (IS)

Moreover, the whitepaper also stated that they wouldn’t share transaction data with third-party firms or government agencies.

Though, they can only disclose to regulatory authorities if there’s a law supporting it. But these statements in the whitepaper contradict what the media says about the digital Yuan. According to the media, China might use the currency to monitor its citizens.

In the whitepaper also, the bank mentioned that it would protect the privacy of small transactions but will trace high-value transactions. The reason is to check the larger transactions for compliance with government regulations for money laundering and tax evasion.

China’s Struggle Of Introducing CBDCs

The People’s Bank of China has been making the plan to launch a CBDC since 2014. The Bank formed a committee then to study the technology and is finally achieving its goals.

Even though China hasn’t rolled out the Digital Yuan for all the cities in the country, they have done many tests with it. From this whitepaper, the bank has disclosed its readiness to launch the currency for the whole country.

Related Reading | Binance Bitcoin Open Interest Surges Despite Legal Scrutiny

Apart from China, other Central banks are also looking into their own CBDC. Moreover, countries like the US are actively researching the option.

For instance, the US has joined hands with MIT to look into the technology. But they are still not sure if a digital dollar will be the best option.

Featured image from Pixabay
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Asad Gilani

Asad Gilani

Follow

Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

Full Profile

Related Posts

Kraken

Kraken Reports Q3 Revenue Surge To Nearly $650 Million Ahead Of Anticipated US IPO

39 minutes ago
Crypto expert voorspelt start altseason: Bitcoin dominance daalt in november

Crypto expert voorspelt start altseason: Bitcoin dominance daalt in november

1 hour ago
Bitcoin Hyper’s ($HYPER) $24.6M Presale Surges as FOMO Draws in Investors

Bitcoin Hyper’s ($HYPER) $24.6M Presale Surges as FOMO Draws in Investors

1 hour ago
Trump Crypto News Live Today: Fresh Updates from the US Crypto Space (October 23)

Trump Crypto News Live Today: Fresh Updates from the US Crypto Space (October 23)

39 minutes ago
FalconX 21Shares Crypto

FalconX Acquires 21Shares, Expanding Into Crypto ETFs Market

1 hour ago
a16z Calls Stablecoins a Global Macroeconomic Force, Helping Best Wallet Token Presale

a16z Calls Stablecoins a Global Macroeconomic Force, Helping Best Wallet Token Presale

1 hour ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Bitcoin

    Deepseek прогнозира бичи пазар за...

    39 minutes ago
  • ORIGIN Protocol's LGNS Achieves Historic Milestone: Liquidity Tops $194 Million, Reclaiming Title as Global Leader in DeFi

    ORIGIN Protocol’s LGNS Achieves Major Milestone...

    20 hours ago
  • bonus kcex

    Bonus KCEX: promozione da $21.000 con un bonus deposito del...

    23 hours ago
  • Maxi Doge

    Защо Maxi Doge може да се окаже...

    1 day ago
  • 挖 1 枚比特幣耗電可供 61...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.