China Central Bank Releases Digital CNY Smart Contract Prepaid Fund Management Product Ironity


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According to the China Financial Association, the Digital Currency Research Institute of the People’s Bank of China has launched a digital renminbi smart contract prepaid fund management product – “Yuanguanjia”. The product was launched to the public across the country at the 2022 Second China (Beijing) Digital Finance Forum held on September 8. It aims to provide users with prepaid consumption service scenarios by deploying smart contracts on digital RMB wallets. A solution to prevent merchants from misappropriating funds and protect users’ rights and interests. This product solves the problem that users avoid merchants running away with prepaid consumption and...