China Offers Digital Yuan at Olympics to Test Overseas Appeal

Jan 11, 2022

https://liquidity-provider.com/app/uploads/2022/01/dizajn-bez-nazvaniya-2022-01-12t160752.881.png

Ahead of the Beijing Winter Olympics, China distributes its digital yuan to athletes and spectators, the first significant test of the virtual currency's attractiveness among foreigners.

With less than a month until the games begin, China hopes to utilize the Olympics to demonstrate the digital yuan's worldwide influence, despite diplomatic boycotts and the fear of virus breakouts.

According to the Bank of China Ltd., a state lender and official partner of the games, visitors may download an app or acquire a physical card that saves the digital yuan or convert foreign bank notes into e-CNY at self-service machines.

Wristbands that operate as e-wallets that may be swiped to pay for products or services are available to athletes and their coaches.

Given the heightened political tensions surrounding the games and concerns over data security, whether international athletes accept the digital yuan remains to be seen. Three Republican senators in the United States asked the United States Olympic Committee in July to prohibit American athletes from using the digital yuan, citing worries about espionage and data security.

Nevertheless, a promotional movie aired on a giant screen to display the electronic money at one of the BOC's branches in Beijing's Olympic Village on a recent morning.

Convenience stores, cafés, and other merchants inside the Olympic Village, where athletes will live and spend their spare time, as well as businesses at train stations near the game sites, are fitted out with machines that accept digital yuan payment.

Payment would be limited to a few methods, according to Qu Songming, a manager of the Olympic Village's operations team in Beijing. Alipay from Alibaba Group Holding Ltd. and WeChat Pay from Tencent Holdings Ltd., both of which support e-CNY, will not be available in the village.

"During the Olympics, the sole payment options are renminbi cash, Visa cards, and the digital yuan at all competition and non-competition venues," Qu explained. The games are sponsored by Visa Inc.

The Winter Olympics, which begin on February 4, are considered as a chance for the People's Bank of China to promote awareness of the e-CNY, which has been trialed in approximately a dozen areas across the country since 2020.

According to officials, a total of 140 million people had signed up for a digital yuan account by early November. However, locals still mostly use Alipay and WeChat Pay for daily transactions. Tencent debuted e-CNY services on WeChat this week, and both applications now accept digital yuan payments. JD.com Inc., Trip.com Group Ltd., and Meituan also are a few of the other Internet behemoths that take e-CNY.

Before the Winter Olympics in Beijing in February, China might push for widespread adoption of the digital yuan for domestic use. In the long run, the e-adoption yuan's in Hong Kong and by trading partners might help the yuan to increase its standing as a worldwide reserve and settlement currency.

Although the PBOC has not set a date for the digital currency's formal launch, it took a step toward that objective last week by publishing a test version of the digital yuan app on the iOS and Android app stores. Trial zone residents can download the app and create an account.

People may transfer money from their bank accounts to the e-wallet and make or receive payments by scanning a QR code or touching their phone on a payment gadget using the software. Consumers could previously only acquire a private link to download the e-wallet from bank employees when they applied for an account.

The app will be made available to foreigners for the first time, according to the Bank of China, giving an important test of its services.

"Ensuring that international tourists have a positive experience with the digital yuan is a crucial goal and challenge," the bank said in a statement. "We'll do our best to guarantee that services are available during the game, and our operations, customer service, emergency response, and other teams are all practicing and preparing extensively."

Subscribe Our Newsletter

Retail Earnings Exceed Expectations. Why It's a Good Sign for the Holiday Shopping Season

Alexander

Retail Earnings Exceed Expectations. Why It’s a Good Sign for the Holiday Shopping Season

Despite the inflation, American retailers are showing good results in advance of the holiday shopping season. However, will this trend continue?

Companies
The Hotel in Dubai now Accepts Cryptocurrency Payments
The Hotel in Dubai now Accepts Cryptocurrency Payments

Many other Dubai food and beverages service operators have started integrating crypto payments over the past few months. As the regulatory framework starts to provide more clarity, there remains a high possibility that many other service operators might join the crypto bandwagon.

Banks and Finance
Liquidity Provider

What You Should Know About Energy Liquidity?
Let's find out, which instruments does the energy market include, what is the role of a liquidity provider in the energy market, how to choose the best liquidity providers and more.

discover
What Is Return On Investment (ROI), And How Can You Calculate It?

Tamta

What Is Return On Investment (ROI), And How Can You Calculate It?

Whether you're investing in equities, futures, cryptocurrencies, or other forms of investments, the first question that often comes to mind is, "How much profit can I potentially make from this venture?"

Investing

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries b2broker

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Alexander

    Is IUL a Good Investment Strategy? — A Guide for Beginner Investors

    Is IUL a Good Investment Strategy?

    Alexander

    Are Crypto Wallets Safe? — Tips to Ensure Maximum Protection of Your Digital Assets.

    Tips to Ensure Maximum Protection of Your Digital Assets

    Alexander

    Roth IRA Guide: What It Is and What You Need to Know.

    Roth IRA Guide: What It Is and What You Need to Know

    Alexander

    From Gold to Index Funds and Crypto: Where to Invest in 2023 for Long Term?

    From Gold to Index Funds and Crypto: Where to Invest in 2023

    Alexander

    Understanding Algorithmic Trading: A Guide for Beginners

    Understanding Algorithmic Trading: A Guide

    Alexander

    Stop Vs. Stop-Limit Order: How Do They Differ?

    Stop Vs. Stop-Limit Order: How Do They Differ

    Alexander

    Invest in the Intelligent Future: The Best AI Stock Market Leaders of 2023

    Invest in the Intelligent Future: The Best AI Stock Market Leaders of 2023

    Deborah Middleton

    How MEC Rules Can Impact Your Life Insurance Policy

    How MEC Rules Can Impact Your Life Insurance Policy.

    Deborah Middleton

    Navigating the Ethical Landscape of AI: Challenges and Solutions

    Navigating the Ethical Landscape of AI: Challenges and Solutions

    Deborah Middleton

    Managing Your Financials The Right Way – A Startup Guide 

    Managing Your Financials The Right Way - A Startup Guide

    Anna

    A Beginner Guide To The Crypto Analysis Tools.

    A Beginner Guide To The Crypto Analysis Tools.

    Anna

    A Brief Introduction to Scalping

    A Brief Introduction to Scalping.

    Anna

    How to Invest in Stocks: A Beginner’s Guide

    How to Invest in Stocks: A Beginner’s Guide

    Anna

    Tips On Finding Crypto Liquidity Providers In 2023

    Tips On Finding Crypto Liquidity Providers In 2023.

    Anna

    Forex Liquidity in 6 Questions and Tips on How to Become Successful in Trading

    Forex Liquidity in 6 Questions and Tips on How to Become Successful in Trading

    Anna

    A Brief and Comprehensive Guide to Spot Trading.

    A Brief and Comprehensive Guide to Spot Trading.

    Anna

    What is The Difference Between Liquidity Provider and Liquidity Aggregator?

    What is The Difference Between Liquidity Provider and Liquidity Aggregator?

    Tamta

    What Is SWIFT Banking System?

    What Is SWIFT Banking System?

    Tamta

    How Liquidity Providers Drive The Foreign Exchange Market

    How Liquidity Providers Drive The Foreign Exchange Market

    Tamta

    How to Start Investing In Crypto

    How to Start Investing In Crypto

    Tamta

    5 Best Crypto CFD Liquidity Providers 2023

    5 Best Crypto CFD Liquidity Providers 2023.

    Tamta

    The Power Of Liquidity For Crypto Exchanges

    The Power Of Liquidity For Crypto Exchanges

    Tamta

    Institutional Forex Liquidity Explained: Why Do We Need It?

    Institutional Forex Liquidity Explained: Why Do We Need It?

    Tamta

    What Is Return On Investment (ROI), And How Can You Calculate It?

    What Is Return On Investment (ROI), And How Can You Calculate It?
    Latest News - Liquidity Provider: Business & FinTech Media
    • News
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
    [email protected]

    © 2023 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site.