![]() ![]() ![]() The Games would have been the first real opportunity to see how the digital yuan will work for tourists and overseas visitors to China, but that opportunity is gone. "Though the Olympics were originally viewed by Chinese authorities as a chance to showcase the potential use of the currency in an international setting, it is likely that few non-Chinese citizens will use the digital RMB wallet at the Games," Triolo added. Meanwhile, China's so-called "zero Covid" approach has led to strict measures to try to stamp out the virus in China - that means very few foreign visitors will be attending the Winter Olympics in Beijing. "However, over time, there may be some niche areas where the digital RMB could see greater use, such as paying certain types of government related bills, or for things like transportation, particularly if the central bank offers incentives like red envelopes and other inducements." The Chinese currency is also referred to as the renminbi, or RMB. "For the foreseeable future, even if there is an uptick at the Winter Olympics, the transaction turnover rate of the central bank digital RMB is likely to be very tiny in comparison to popular payment platforms WeChat Pay and Alipay," Triolo said. But overall, transaction volume is unlikely to match that seen by Alipay and WeChat Pay, according to Paul Triolo, head of the geo-technology practice at risk consultancy Eurasia Group. The venues for the 2022 Games in Beijing will be able to use the e-CNY app there. Areddy / Wall Street Journal: Some citizens are skeptical of Chinas digital yuan, e-CNY, preferring Alipay and WeChat Pay e-CNY has seen 150M transactions worth nearly 10B so far Mastodon Open Links In New Tab. Personal Loans for 670 Credit Score or LowerĬhina's central bank previously stated its intention to make the digital yuan available to visitors to the Beijing Winter Olympics. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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