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China is rolling out public access to its digital yuan central bank digital currency (CBDC) in time for the upcoming Winter Olympics in Beijing. China hopes that the event would serve as the best springboard for the country to showcase the currency to a global audience.
During the series of events, foreign athletes and spectators will be able to transact using the digital yuan for goods and services. However, China will ensure that other payment methods are available, notwithstanding its hope that many will choose the CBDC.
According to the Bank of China, people will be able to hold the digital yuan using a mobile app, or obtain a physical card for storage. The bank also stated that visitors may use self-service machines to exchange the digital yuan with foreign bank notes. In addition, some athletes and coaches may receive wristbands equipped as e-wallets that holders can swipe to make payments.
Although China believes that the Winter Olympics is the best avenue to showcase the new currency, the strength of this plan may be called into question because of the COVID-19 pandemic. Many people already believe that the turnout at the event might be a lot less than China hopes for. In addition, the country has already narrowed access to foreign spectators.
