China uses Olympics to promote digital yuan

China uses Olympics to promote digital yuan

With just a few days left until the 2022 Beijing Olympics, the Chinese side plans to use this sporting event to promote the digital yuan.

The Bank of China recently said that tourists arriving in Beijing can download the app and get a physical card containing the digital yuan to spend at stores that accept the currency. At the same time, it is possible to convert foreign currency to digital yuan at the vending machines.

As for athletes and coaches participating in the Olympics, they will be issued a digital bracelet, which is like a cryptocurrency wallet, which can be used to swipe to buy products or pay for services in Beijing.

Beijing’s Olympic Village, convenience stores and cafes have all been equipped with specialized payment machines to help visitors and residents pay with digital yuan.

“We will strive to ensure smooth digital yuan payments during the Olympics,” the Bank of China said.

“We only accept three payment methods here, which are cash, Visa card and digital yuan,” said Qu Songming, director of operations at Olympic Village.

Even the two most popular payment methods in China, Alipay and WeChat Pay, are not used here.

Songming said the digital yuan will be prioritized for use in payments at competition and non-competitive venues for the duration of the Games.

The 2022 Beijing Olympics is seen as a good opportunity to help promote the digital yuan to the world. Before being put into use, China tested this currency for more than 1 year.

A series of domestic technology giants such as “Alipay, Trip, JD, or Meituan…” have all supported payments in digital yuan.

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