Chinese Banks Says ‘All Winter Olympics Merchants Will Now Accept Digital Yuan’

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Key Takeaways:

  • The People’s Bank of China (PBoC), China’s central bank, prepares for the biggest week in the digital yuan’s history.
  • The token will be unveiled to the world next week as the Winter Olympics begin.
  • As the country celebrates the Lunar New Year, domestic adoption plans will also ramp up.
  • International athletes and coaches will be able to use the token in the Olympic Village and nearby locations.
  • It will include special ATMs that can convert foreign banknotes into digital CNY holdings, wristbands, and smartphone apps.

The People’s Bank of China (PBoC), China’s central bank, prepares for the biggest week in the digital yuan’s history. The token is still in its early stages of development. The token will still be unveiled to the world next week as the Winter Olympics begin. In addition, as the country celebrates the Lunar New Year, domestic adoption plans will also ramp up.

Beijing, which is hosting the games (which will take place from February 4 to February 20), has said that international athletes and coaches will be able to use the token in the Olympic Village and nearby locations, which will include special ATMs that can convert foreign banknotes into digital CNY holdings, wristbands, and smartphone apps.

According to the state-run newspaper People’s Daily, the PBoC and its partner, the state-run commercial institution Bank of China, is ready to follow through on their promises. The state-run commercial institution the Bank of China, is also one of the games’ sponsors. Since the pilot began in earnest, the PBoC has collaborated closely with the Bank of China.

According to the People’s Daily, a Bank of China representative stated, “We are making every effort to prepare for the Winter Olympics under the guidance of the PBoC. During the Winter Olympics, the Bank of China will provide a full range of services such as [software-based] wallets, hard wallets, exchanges, top-ups and [cash] redemption at the Bank of China branch in the Olympic Village.”

According to the bank, “All sales points” in the Winter Olympic areas in the capital and Yanqing and Zhangjiakou now “accept the digital CNY”. The bank further said that NFC and QR code readers had been installed. It will provide “24/7” support “in multiple languages.” Journalists and other government officials would also be invited to use the digital token. However, foreign spectators cannot attend the games due to China’s “zero-COVID-19” policy.

Shenzhen is a major Chinese tech hub. In Shenzhen, many companies have spent a total of USD 4 million on promotional campaigns. One of these is an incentive that will allow travellers to take buses for a small fee if they pay in digital CNY. They have to pay through a specific banking app. A number of firms in the pilot areas will also offer “lucky red envelope” themed offers. It is quite similar to prize draw events elsewhere in the world.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.