‘All Winter Olympics Merchants Now Accept Digital Yuan,’ Say Chinese Banks
The Chinese central bank, the People’s Bank of China (PBoC), is gearing up for what will be the biggest week yet for its digital yuan. And while the token remains officially in its pilot phase, it will be showcased to the world next week as the Winter Olympics begin. Domestic adoption plans will also go into overdrive – as the nation celebrates the Lunar New Year.
As reported, Beijing, which hosts the games (running from February 4 to February 20), has indicated that international athletes and their coaches will be invited to use the token in the Olympic Village and sites nearby – with special ATMs that can convert foreign banknotes into digital CNY holdings, wristbands, and smartphone apps.
Now, the state-run newspaper People’s Daily reported, the PBoC and its partner, the state-run commercial institution the Bank of China (also one of the games’ sponsors), say they are ready to come good on their promises.
The PBoC has been working closely with the Bank of China since the pilot began in earnest.
The People’s Daily quoted a Bank of China representative as stating:
“We are making every effort to prepare for the Winter Olympics under the guidance of the PBoC. During the Winter Olympics, the Bank of China will provide a full range of services such as [software-based] wallets, hard wallets, exchanges, top-ups and [cash] redemption at the Bank of China branch in the Olympic Village.”
The bank added that “all sales points” in the Winter Olympics areas (both in the capital and in Yanqing and Zhangjiakou – which will also host some events) now “accept the digital CNY.” NFC and QR code readers have been installed, the bank added, and “24/7” support would be made available “in multiple languages.”
Journalists and other officials would
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