China integrates smart contracts on its digital currency

The Chinese government has released an official update about the latest development in its Central Bank Digital Currency (CBDC). has released an official update about the latest development in its Central Bank Digital Currency (CBDC). According to the information it has released, the digital yuan will use virtual contracts to improve its "trustless feature" and make way for faster and more convenient transactions. Smart contracts have the capability to execute payments automatically through computer codes that are based on two sides' agreements. It decreases the time-consuming and costly steps that are usually undertaken by two parties to ensure that both…