Digital Yuan to Perform at Beijing 2022 Winter Olympics

Digital Yuan to Perform at Beijing 2022 Winter Olympics
Digital Yuan to Perform at Beijing 2022 Winter Olympics

Beijing has begun a pilot scenario of using China's digital currency, or e-CNY, during the 2022 Winter Olympics. The People's Bank of China (PBOC) has announced that the construction of all digital yuan payment scenarios has been completed at the Beijing Organizing Committee offices for the 2022 Olympic and Paralympic Winter Games.

The infrastructure of all payment scenarios for venues in the Zhangjiakou competition zone in Hebei Province has been completed, and contracts have been signed or arrangements made with merchants for payment scenarios at other venues in the region.

Consumers will be able to use e-CNY through wallet applications installed on their mobile phones or through physical wallets in the form of smart watches, ski gloves or badges wearables to meet their various needs.

Users will be able to easily receive and open digital yuan wallets at Bank of China branches, self-service machines and some hotels during the upcoming Olympics. e-CNY is the digital version of the currency issued by the PBOC and operated by authorized operators. The e-CNY system aims to create a new form of RMB that meets the public's demand for cash in the era of the digital economy.

It can also be used in touristic places.

During the Beijing Winter Olympics, consumers used the digital yuan not only in venues; It will also be widely used for various services such as transportation, food, accommodation, shopping, travel, health, telecommunications and entertainment. For example, infrastructures supporting digital yuan payments have been prepared at tourist attractions such as the Badaling Great Wall, the Palace Museum, and the Old Summer Palace.

As of October 22, a total of 140 million personal wallets were opened for the digital yuan, according to official data. The digital yuan has been rolled out in 10 cities, including Beijing, Shanghai, and Shenzhen. The e-CNY, where consumers can pay with the new RMB form at restaurants, stands and vending machines, was also used at the 4th China International Import Fair held in November.

Source: China International Radio

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