Learn about the daily use of the digital yuan in the Beijing Olympics


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After years of research and development, the Chinese Central Bank – the People’s Bank – launched its prospective digital currency, the “digital yuan.” And after experiments in several Chinese cities, the government decided to make it available for use also in the Winter Olympics in Beijing.

A senior official of China’s central bank told that daily transactions with Chinese digital currency during the Beijing Olympics amounted to about 2 million yuan (about $315,000).

He also revealed that foreign users use hardware wallets when dealing with the new digital currency, while locals prefer software wallets.

Digital yuan transactions:

The name China appears frequently when talking about central bank digital currencies (CBDC).

Over the past several months, the most populous country has launched several initiatives to popularize the use of its digital yuan.

In April 2021, the authorities announced that foreign athletes and visitors to the 2022 Beijing Winter Olympics would be able to employ and use the digital currency, the “digital yuan.”

The sports event began earlier this month, and officials already have data regarding daily digital yuan transactions.

According to Mu Shangxun, director general of the PBOC’s Digital Currency Research Institute, more than $300,000 worth of digital Chinese yuan is used daily during the Winter Games.

But he made it clear that it is difficult to provide accurate numbers, as he commented on this by saying:

I have a rough idea that there are several or a few million yuan (RMB) of payments every day, but I don’t have exact numbers yet.

Mu added that the central business district is popular with foreign visitors as well.

They prefer to use hardware wallets, while Chinese residents prefer software wallets.

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