With the development of a digital currency controlled by the Central Bank (CBDC), China promoted the digital yuan through the Winter Olympics. The digital asset can be used by athletes as a form of payment in the country during the competition.
Seeking to publicize its digital currency, China offered the use of e-CNY as one of three forms of payment in the country for athletes, coaches, and visitors. Although not yet available to the entire population, the creation of the digital yuan has been discussed since 2014.
Two years ago, a TV advertisement already showed how China’s CBDC could be used to buy a train pass, for example. Skater Shen Xue was chosen to take part in the advertisement, and he used the e-CNY to take a train to Beijing.
This is the first time that a digital currency has been used widely during the Winter Olympics competitions. China chose the event to showcase how its CBDC works, allowing foreigners to experience e-CNY transactions.
Ahead of the Winter Olympics, China allowed 261 million Chinese to test the digital yuan. By the end of 2021, China’s CBDC has moved nearly US$ 1.5 billion in testing phases throughout the year.
The 2022 Winter Olympics competitions are being held in China in the face of great concern of the advancement of covid-19 in the country. Restrictive measures have been imposed for competitors and participants of the games throughout their stay in the country.