China Set for Digital Yuan Adoption Drive Ahead of Asian Games
China is readying a fresh digital yuan adoption push ahead of next month’s Asian Games, with the nation ready to show off its CBDC to a large international audience for the first time.
Citizens in the pilot zones will be able to buy tickets for the event using the central bank’s official CBDC app – a first for a major sporting event in China.
The games will be held in Hangzhou, Zhejiang Province, from September 23 to October 8.
Beijing has earmarked the event, the first large-scale international sporting event to be held in the nation since COVID-19 pandemic containment measures were lifted, as a key moment for its coin.
Per Cebnet, state-run commercial banks and e-commerce platforms will likely play a leading role in showcasing the token to international visitors.
The media outlet quoted a spokesperson from the e-commerce giant Meituan as stating that the use of the digital yuan in “large-scale international sports events” would help to showcase the development of the Chinese digital economy and inclusive finance “to the outside world.”
The tourism sector, banks and retailers commented, will provide a “very good opportunity” for the further adoption of the CBDC.
They think the fresh challenges of the tourism industry could help the “further improve the functionality” of the token.
Banks and retailers promoted the coin at the recently-concluded Chengdu World University Games.
It is likely they viewed the event as something of a dry-run for Hangzhou.
Banks issued manuals and instruction guides for using digital yuan hard wallets in Chinese, English, French, and Spanish at the Chengdu games.
Merchants in the athletes’ village also upgraded their POS machines to accept CBDC payments.
The central People’s Bank of China’s official CBDC
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