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PBoC comments on the use of the digital yuan in the Olympic Games

 


Participants, visitors and organizers of the 2022 Winter Olympics could spend over $300,000 in China's digital yuan every day, according to recent reports citing senior officials at the Bank of China (PBoC).


The e-CNY, the digital currency of China's central bank, makes payments worth 2 million yuan (equivalent to about $316,000) or more every day, according to Director-General of the PBoC's Digital Currency Research Institute Mu Changchun. The director-general shared those data during a webinar hosted by the Atlantic Council, Reuters reported on Tuesday .


"I can roughly imagine that several million digital yuan payments are used every day, but I don't have the exact numbers yet," Mu said, adding that there isn't any concrete data on the transactions by Chinese citizens and foreign visitors yet.


Mu also pointed out that overseas users are more likely to use hardware wallets. He's referring to the e-CNY payment cards, which look like credit cards without the normal chip and magnetic stripe. "The software wallets are mainly used by domestic users," Mu continued.


This amount is a significant contribution to China's CBDC adoption as the total volume of digital yuan transactions since China's CBDC launch in April 2020 to November 2021 was US$13 billion.


The PBoC has been heavily promoting the use of Chinese CBDC in the 2022 Winter Olympics . The state-controlled Bank of China has set up several dedicated ATMs at some key Games venues, allowing international guests to exchange their foreign banknotes for e-CNY or regular yuan banknotes.


Cyber ​​security and privacy concerns have been raised around the world in connection with the digital yuan. Some US senators see the digital yuan as a "tremendous security threat to users". In late 2021 , British spy chief Jeremy Fleming said the use of CBDC could allow China to monitor users and control global transactions, although it's a great opportunity to democratize payment systems.



While China is actively pursuing the adoption of its CBDC, the country has been extremely hostile to cryptocurrencies. The Chinese government banned all crypto transactions in September 2021 . Up to 2 million crypto-mining rigs are said to be stuck at China's former crypto-mining hub Sichuan after government orders had to halt operations. Miners have tried to relocate their operations to North America but are said to have lost millions of dollars trying to export crypto mining hardware.

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