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Car Buyers in China Now Can Pre-Pay with Digital Yuan Smart Contracts

The Chinese city of Shenzhen has implemented digital yuan smart contracts for car pre-payments, a collaboration with the Agricultural Bank of China. According to the local newspaper Jing Bao, the first batch of consumers successfully purchased new automobiles with digital yuan-powered smart contracts in early February. The Pingshan District Administration for Market Regulation partnered with the Bank to launch the pilot pre-pay program. This system would enable customers to pre-pay for cars using digital yuan, automating the contract and payment process. The funds will get released upon vehicle delivery, aiming to safeguard buyers’ deposits and streamline the purchase experience.

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