China is pushing out all the efforts to promote the CBDC digital Yuan or e-CNY. Foreign athletes and dignitaries can utilize the e-CNY as one of three payment options during the Winter Olympics Games. The e-CNY is now one of three payment options accessible to international athletes and tourists attending the Winter Games.
Shen Xue, in December 2020, demonstrated use of e-CNY by purchasing a Beijing Subway pass. Shen Xue is a veteran Chinese double skater and 2010 Olympic champion.
China plans to launch its digital currency in winter olympics
The launch of e-CNY intended to make the Winter Olympics a glamorous occasion, exposing the digital form of China’s sovereign currency to millions of worldwide visitors. Foreign tourists without the need for a domestic bank account can use the e-CNY to purchase things during the Olympics.
The People’s Bank of China is in the forefront of CBDC development. It proposed a digital yuan in 2014, when other nations were still debating the merits of virtual currencies.
Hey reader, it is very interesting to track the people’s response on e-CNY at the time of rising mistrust of Chinese technology, particularly data privacy and regulation. It may find a less favorable impression outside China. Will other nations follow China? Let us know your view on e-CNY by commenting below.
