The rollout of digital yuan during the approaching Winter Olympics in Beijing will enable foreign athletes and spectators to use the digital currency for the first time.
Visitors will be able to download an app or receive a physical card containing digital yuan, according to the Bank of China Ltd. They will also be able to exchange it for foreign banknotes at ATMs, the state lender and official partner said. games. Meanwhile, some athletes and their coaches might be eligible for bracelets, which would act like e-wallets and simply have to be swiped to pay for services or goods.
BOC has taken care that use of the digital yuan become self-evident to all those who may be participating by looping a promotional video on a large screen at one of their branches in the Olympic Village in Beijing. Merchants within the Olympic Village, such as convenience stores and cafes, as well as shops at railway stations near the game venues, have all been equipped to accept payment in digital yuan.
While the use of the digital yuan will be encouraged, Qu Songming, head of the Beijing Olympic Village operations team, pointed out that there will also be other payment methods. “The only means of payment are renminbi cash, Visa cards and digital yuan at all competition venues and out of competition during the Olympics,” Qu said. Despite support for the use of the digital yuan, neither Alipay from Alibaba Group Holding Ltd. nor WeChat Pay from Tencent Holdings Ltd. will only be available for use in the village.
Facing boycott
While China hoped to use the Winter Olympics to showcase the use of the digital yuan for a global audience, the event faces a diminished attendance with just under one month to go. Because of the continued threat of COVID-19, China has restricted many foreign spectators from attending.
Diplomatic boycotts and security concerns can also limit the reach of the digital yuan’s appeal. Late last year, the United States announced it would not send a diplomatic delegation to the games due to China’s human rights record. In July, three Republican senators called on the U.S. Olympic Committee to ban U.S. athletes from using the digital yuan, citing concerns over espionage and data security. Given these heightened tensions, it remains to be seen whether other foreign athletes will embrace the digital yuan.
