China will use the Olympics to test digital Yuan

China will use the Olympics to test digital Yuan

China will debut the digital yuan ahead of its Winter Olympics in Beijing, which will go out to both athletes and spectators, Bloomberg reported Monday (January 10).

It will be a new way of measuring the appeal of the currency among foreigners, and China has been looking at the games to show how the digital yuan or e-CNY is doing around the world.

The report notes that visitors will be allowed to either download an app or get a physical card to store the digital yuan. Visitors will be able to convert foreign banknotes into e-CNY on self-service machines.

Athletes and coaches will also have the opportunity to make bracelets work like electronic wallets to pay for things.

The Winter Olympics, which begin on February 4, will be an opportunity for the People’s Bank of China to spread awareness of e-CNY after making progress in trials in about a dozen regions across the country since 2020.

The event has also already been set back by various factors such as boycott and potential virus outbreaks.

It is unknown at this time what he will do after leaving the post.

However, there are convenience stores, cafes and other merchants that have the capacity to use the digital yuan. The report said that as of early November, about 140 million people had signed up for a digital yuan account.

Bloomberg noted that China may be pushing for a nationwide adoption of the digital yuan ahead of the Winter Olympics, which could end up raising the yuan’s status as a global reserve and settlement currency.

PYMNTS recently reported that WeChat, the largest Chinese messaging app, will accept the digital yuan. Media reports say this could mark a new milestone for acceptance of the digital currency.

Read more: Chinese payment giant WeChat accepts digital yuan

According to the People’s Bank of China, the digital yuan could be a backup to existing payment giants.

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