The Olympic Games include the first ever use of digital currency

At the 2022 Beijing Winter Games, China’s e-yuan would be authorized at all venues.

The China state digital currency, the e-CNY, is planned to launch as an official form of payment at the 2022 Beijing Winter Olympics, which begins on Friday.

All payment services linked to the Olympics, including accounts, card payments, contactless payments, cash, and the digital yuan, have been prepared, as per an announcement from the People’s Bank of China (PBOC).

The e-CNY is China’s Central Bank Digital Currency (CBDC), that is a digital asset which is essentially a replica of the fiat yuan. The e-CNY is entirely regulated and governed by the central bank, unlike decentralised cryptocurrencies, which are illegal in China.

The e-CNY is already accepted at the Beijing Olympics’ official store in the Main Media Centre (MMC), that opened its doors to the public on Monday and is open 24 hours a day.

The Olympics would be part of a phased e-CNY implementation that has already begun in five major Cities in China, such as Shanghai and Shenzhen. The PBOC also released the e-CNY wallet on the iOS and Android app stores nationwide on January 4. By mid-January, e-CNY wallets had approximately 261 million individual users, or around one-fifth of China’s population, with e-CNY apps ranking as the country’s fastest-growing in terms of downloads.

The e-CNY, on the other hand, is still very much in pilot phase. Despite the fact that the wallet is downloadable across the country, only residents of the five pilot cities and the Olympic venue are eligible to join up and use the digital currency. For the time being, the e-CNY should only be used for a few transactions.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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