Leveraging Digital RMB Smart Contract for Consumption Upgrading

03/03/2023 08:41 • Tech Ticker • 133 views

On March 3, Wu Yiqiang, member of the National Committee of the Chinese People’s Political Consultative Conference and president of the Tianjin Branch of China Construction Bank, said that in the future, we can take advantage of the advantages of the digital RMB smart contract and combine the industrial advantages of Tianjin to give full play to the technological advantages of the digital RMB in the aspects of accurate issuance of consumer vouchers, education, and supervision of prepaid fees in the service industry, and vigorously promote consumption upgrading and expansion.

Wu Yiqiang, member of the National Committee of the Chinese People’s Political Consultative Conference

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Wu Yiqiang, a member of the National Committee of the Chinese People’s Political Consultative Conference and president of the Tianjin Branch of China Construction Bank, spoke about the potential of the digital RMB smart contract in driving consumption upgrading in the city of Tianjin. According to him, by combining the advantages of the digital RMB with the industrial strengths of Tianjin, the city can promote the precise issuance of consumer vouchers, education, and supervision of prepaid fees in the service industry, and thereby, boost consumption.

The digital RMB is a central bank digital currency (CBDC) that operates on a blockchain platform. It can be used for peer-to-peer transactions and can be integrated with smart contracts. The smart contract is a self-executing contract with the terms of the agreement between the buyer and seller being directly written into lines of code. It is programmed to execute automatically when certain conditions are met.

Wu Yiqiang believes that the digital RMB’s smart contract feature can be used to great effect in promoting consumption in Tianjin. For instance, the precise issuance of consumer vouchers can be carried out using the digital RMB smart contract. This would eliminate the possibility of fraudulent claims or misuse of the vouchers. The smart contract would execute the terms of the agreement, ensuring that only the intended recipients receive the vouchers.

The digital RMB smart contract can also be used in education. Wu Yiqiang mentions using smart contracts for financial education, wherein the contract would contain clauses that promote responsible spending and investment. By leveraging the smart contract feature, individuals can be guided towards making informed financial decisions.

Furthermore, Wu Yiqiang highlights the use of smart contracts in the supervision of prepaid fees in the service industry. This would ensure that service providers adhere to the agreed-upon terms of service and eliminate the possibility of consumers being overcharged or receiving substandard services.

In summary, the digital RMB’s smart contract feature has the potential to revolutionize consumption in Tianjin. By combining the digital RMB’s technological advantages with the city’s industrial strengths, it can promote consumption upgrading and expansion, leading to a more vibrant and dynamic economy.

In conclusion, the digital RMB’s smart contract feature has both economic and social benefits. The effective use of the digital RMB smart contract can lead to a more efficient, secure, and responsible economy. The future potential of digital technology in Tianjin should not be underestimated, and the integration of smart contracts and blockchain technology in its infrastructure would undoubtedly pave the way for its future growth and development.

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Leveraging Digital RMB Smart Contract for Consumption Upgrading

Wu Yiqiang, member of the National Committee of the Chinese People’s Political Consultative Conference

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