China ramps up CBDC pilot plans ahead of 2022 Winter Olympics
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China ramps up CBDC pilot plans ahead of 2022 Winter Olympics

Saudu Clement
Saudu Clement

The Central Bank of China is actively working to see that its digital Yuan is used during the Winter Olympics games, scheduled to begin in Beijing in 2022.

During a work conference on Thursday, the Business Administration Department of the People's Bank of China revealed its intention to pilot its digital currency at the Winter Olympics to cover all payment scenarios. An excerpt from the said meeting reads:

We will steadily advance the digital RMB Winter Olympics scenario pilot, strengthen communication and coordination with local governments under the overall coordination of the R&D working group of the head office […] and accelerate the promotion of digital RMB pilot work to achieve full coverage of scenarios.

Plans have been on the way to roll out the digital Yuan (e-CNY). The central bank already distributed 50 million Yuan (worth about $7.7 million) between February and June to promote the digital currency for the Olympic Games in Beijing. In April, some hardware products like ski gloves, badges, watches, and bracelets were exhibited with e-CNY payment functions.

The CBDC will be available for customers to use for payment at shops, restaurants, and even vending machines. According to the Deputy Governor of the People’s Bank of China, foreign participants could be able to use the digital Yuan anonymously for transactions within the duration of the competition, although they would be required to acquire digital Yuan wallets.

As reported by BTC PEERS, some U.S. Republican Senators have kicked against the idea of American athletes using the digital Yuan in China, citing fears that the Asian nation could use the digital currency for fraud and espionage.