Worried about the prepaid funds to drift water?Digital RMB smart contract to learn about it

In recent years, prepaid prepaid consumption that uses preferential discounts to attract consumers to recharge has become more and more popular, but it has also breeds some chaos in the prepaid card market to damage consumer rights. To this end, relevant departments and local governments have continuously introduced measures to strengthen supervision in the prepaid card field. On September 8th, the "Yuan Butler" of the Digital RMB Smart Contract Fund Management Products was officially released, trying to explore a new path of a prepaid consumer fund management.

On September 8th, Mu Changchun, director of the Institute of Digital Currency of the People's Bank of China, demonstrated the digital RMB smart contract transaction in the 2022 China (Beijing) Digital Financial Forum. Xinhua News Agency reporter Li Xin by Li Xin

What is a digital RMB smart contract? To put it simply, it is to write a contract with a computer program, and automatically complete the digital RMB payment to fulfill the contract obligations according to the agreed conditions.

For example, if the parents report the training class to the child and save the hours of the class in the digital RMB wallet. Every time the child last class, the smart contract loaded on the digital RMB wallet will automatically pay the training institution. In this way, parents don't have to worry about merchants' misappropriation of funds or even rolls.

Beijing Chaoyang District Houhai Training School is the first batch of merchants participating in digital RMB smart contract prepaid consumer service projects. Huang Yafeng, director of the school office, told reporters that with the help of digital platforms, the training institution can try to solve the problem of fund management and parental trust. Parents can be more assured as the digital RMB intelligent contracts are put into use.

Di Gang, deputy director of the Institute of Digital Currency Research of the People's Bank of China, introduced that digital RMB smart contracts are used to manage prepaid funds. On the one hand, the contract terms are written into smart contracts, and merchants cannot transfer the funds of consumer prepaid at will; on the other hand Before the actual consumption, the prepaid funds are still owned by consumers. Even if the merchant bankruptcy is linked, it can protect consumer funds.

The smart contract function of digital RMB has been applied to multiple scenarios. The digital RMB consumption red envelope that consumers are familiar with the pilot areas are to use the smart contract function to realize the individuals and merchants using digital renminbi red envelopes. The red envelopes that are not used in the overdue can automatically return to the capital.

At present, the market demand for digital RMB smart contracts is continuously expanding. The reporter learned that in the field of targeted payment in fiscal subsidies and scientific research funds, through digital RMB intelligent contract functions, the use of payment use and improving the efficiency of government funds can be improved. In addition, in the field of funds such as fund collection and intelligent lending, through digital RMB smart contract functions, it can solve the compliance problem of payment transaction processing, improve the accuracy and automation level of funds, and reduce artificial processing errors and risks.

On September 8th, at the digital RMB experience area set up in the 2022 China (Beijing) Digital Financial Forum, the staff of the ICBC booth placed digital RMB hard wallet products. Xinhua News Agency reporter Li Xin by Li Xin

Fan Yifei, deputy governor of the People's Bank of China, said at the 2022 China (Beijing) Digital Financial Forum on September 8 that digital RMB smart contracts have been successfully applied in the fields of consumer red envelopes, government subsidies, retail marketing, and prepaid funds management to achieve good results.

The ecological construction of digital RMB smart contracts has just begun, and there are still a lot of basic work to do.

Fan Yifei emphasized that digital RMB intelligent contracts should pay attention to the system connection. The legality, consistency and generality of the contract template are an important basis for the value of intelligent contracts to play a compulsory performance value. Therefore, it is necessary to establish an effective mechanism to strengthen the management of it. The application of new technologies helps to solve practical problems, but smart contracts do not eliminate native risks of various industries. We must strengthen communication and coordination with relevant industry management departments and judicial departments to discuss risk management issues.

Experts believe that it is necessary to pay attention to allowing ordinary users to understand digital contracts, better allow contract development standardization, reduce development difficulty, reduce the cost of input of ecological partners, and improve the adaptability of the scenario of digital RMB smart contracts. (Reporter Wu Yu, Chen Xu, Xia Ke)

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