Many businesses that took China’s Digital CBDC were outside the Olympic quarantine zone for athletes, journalists, and officials.
According to reports, consumers used digital money. Issuing body was the People’s Bank of China (PBOC). This token can be used to purchase products for the opening ceremony. The record shows more frequent use with is than they did with Visa.
According to a person acquainted with the situation, digital yuan transactions greatly outnumbered Visa transactions on Feb. 4 at the Beijing National Stadium. Opening ceremonies for the 34th Olympic Winter Games were conducted in Beijing at the Bird’s Nest stadium. However, many stores that the digital yuan (e-CNY) were outside the Olympic “bubble” for athletes, media, and staff.
According to the announcement, everyone who lives within the bubble will be able to pay for goods and services. Just by using cash, Visa, or virtual yuan. Users were able to exchange fiat currency for e-CNY using a large number of automated devices. Furthermore, a large number of stores that take China’s central bank’s digital money, the digital yuan (e-CNY). It was located outside the Olympic bubble. The only ones who are permitted to attend are athletes, media, and event staff.
The Beijing Organizing Committee also stated that adopting digital yuan instead of fiat money could restrict direct interactions between people. Also, the possibility of Covid-19 transmission, according to the committee.
China has a plethora of popular mobile payment programs including Alipay, WeChat Pay, and many more. Additionally, Visa has formed a cooperation with these companies. Although the new digital yuan payment options are available, the credit card industry has not responded. Since China has not granted its application for a business license, the company has suspended operations.
Impeding Growth of Digital Yuan
According to CNN, the outbreak is impeding the completion of the first global research of China’s CBDC. It is now underway. The fact that China did not reveal the number of transactions or athletes who used the CBDC. US senators still warned of the dangers. It included the possibility of harming US interests in cross-border transactions.