Here’s how many digital yuan were used in the Olympics, according to the PBoC


Participants, visitors and organizers of the 2022 Winter Olympics could spend more than $300,000 in Chinese digital yuan every day, according to new reports citing officials from the People’s Bank of China.

e-CNY, the digital currency of China’s central bank (CBDC), is used to make payments worth 2 million yuan ($316,000) or more every day, the chief executive of the bank said. ‘PBoC Digital Currency Research Institute, Mu Changchun. The official provided the data during a webinar hosted by the Atlantic Council, Reuters reported on Tuesday.

“I have a rough idea that there are several or a few million digital yuan of payments every day, but I don’t have exact numbers yet,” Mu said, adding that there weren’t yet. breakdown of the number of transactions carried out. by Chinese nationals and foreign participants.

The official still noted that foreign users tend to use hardware wallets more, referring to e-CNY payment cards, which look like credit cards without the normal chip and magnetic stripe. “Software wallets are mainly used by home users,” Mu added.

The amount shown is a significant contribution to the rollout of CBDC in China, given that the total digital yuan transaction volume has reached $13 billion by November 2021 since the launch of China CBDC in April 2020.

As previously reported by Cointelegraph, the PBoC has widely promoted the use of Chinese CBDC at the 2022 Winter Olympics. The state-controlled Bank of China has installed a number of special ATMs in some venues. centers of the Games, allowing international guests to convert their foreign tickets into e-CNY or regular yuan tickets.

The availability of the digital yuan has raised cybersecurity and privacy concerns from the global community, with some US senators deeming the digital yuan a “huge threat to the security of individual users”. In late 2021, British spy chief Jeremy Fleming argued that using the CBDC could allow Beijing to monitor users and control global transactions despite the opportunity to democratize payment systems.

Related: Digital Yuan Transactions Beat Visa at Winter Olympics Site

While actively pushing the adoption of the CBDC, China has taken an extremely anti-cryptocurrency stance, with the government banning all crypto transactions in September 2021. According to the latest reports, up to 2 million mining rigs are stranded at the former crypto mining hub in China’s Sichuan province after the government halted operations. Miners attempting to move their operations to North America have reportedly lost millions of dollars trying to export crypto-mining hardware.

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