China To Allow Digital Yuan For School Fees

Chinese parents will use digital yuan to pay school fees

The Cover in collaboration with the Bank of China is all set to launch a CNY smart contract.

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The program will allow elementary school parents to pay for their children’s education using the e-CNY.

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The project will be worked out in the city of Chengdu, in China’s central Sichuan Province.

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The bank will collaborate with Chengdu’s education and financial authorities.

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This program will allow will parents to pay for their children’s pre- and after-school clubs, sports lessons, and extracurricular lessons using digital decree.

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In this program If a child misses a session through illness, the contract will be canceled, and the deposit will be returned to the parents’ e-CNY wallet.

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Under the program, parents pay a fixed deposit using the digital yuan.

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