Digital yuan solutions enjoy major upgrade

Advance payments promise to be far safer, reliable, applicable to more biz

China launched an advance payment solution based on digital yuan smart contracts on Thursday in the latest step to further enhance the e-CNY's role of reducing transaction costs and better protect consumer rights.

The Digital Currency Institute of the People's Bank of China, the country's central bank, unveiled the advance payment solution called "Yuan Steward" on Thursday, which employs digital yuan smart contracts in e-CNY wallets to prevent payees from wrongfully taking prepaid money.

A digital yuan smart contract refers to a set of computer programs that automatically execute payments in digital yuan when a predetermined event takes place.