China will soon make public access to its digital currency, the digital yuan central banks digital currency (CBDC), in time for the forthcoming Winter Olympics in Beijing. China hopes the event will be a great platform for the country’s currency to be showcased to a worldwide audience.
Foreign athletes and spectators can transact with the digital Yuan during the events. China will make sure that other payment options are available, even though it hopes that the CBDC will be preferred by many.
The Bank of China stated that people will be able either to store the digital currency or to access it via a mobile app. According to the bank, visitors can also use self-service machines for foreign currency exchange. Some coaches and athletes may also receive wristbands that can be used to purchase e-wallets.
China believes the Winter Olympics are the best way to promote the new currency. However, this plan’s strength may be questioned by the COVID-19 pandemic. Many believe the turnout may be lower than China wants. The country has also restricted access for foreign spectators.