Fun

PBOC Reveals Central Bank Digital Currency Usage at Beijing Winter Olympics — 2 Million Digital Yuan per Day

News Feed - 2022-02-17 01:02:56

PBOC Reveals Central Bank Digital Currency Usage at Beijing Winter Olympics — 2 Million Digital Yuan per Day


The People’s Bank of China (PBOC), the Chinese central bank, has revealed how its central bank digital currency (CBDC) is being used at the Beijing Winter Olympics. A top PBOC official says, “It seems all the foreign users are using hardware wallets.” Digital Yuan’s Latest Trial


A top official from the Chinese central bank, the People’s Bank of China (PBOC), provided an update of the latest trial of the Chinese central bank digital currency (CBDC) during a webinar arranged by the Atlantic Council Tuesday.


The digital yuan, or e-CNY, is currently being tested at the Beijing Winter Olympics.


According to Mu Changchun, director-general of the PBOC’s Digital Currency Research Institute, the Chinese CBDC is being used to make 2 million yuan ($315,000) or more of payments each day at the Olympics.


While admitting, “I have rough idea that (there are) several, or a couple of million RMB (yuan) of payments every day, but I don’t have exact numbers yet,” Mu said: It seems all the foreign users are using hardware wallets … The software wallets are mainly used by the domestic users.


Besides mobile apps, the digital yuan can be spent using e-CNY payment cards, which look like credit cards without the normal chip and magnetic strip.


Bank of China, a state-controlled commercial bank, has set up a number of digital yuan ATMs at some central venues at the Games, inside the “closed loop” of teams, officials, and organizers, the publication conveyed. The machines can convert foreign currency banknotes into either digital yuan or normal yuan banknotes.


In January, the PBOC made its digital yuan app available in the Android and iOS app stores in trial regions. The Chinese central bank then revealed that e-CNY had 261 million unique users at the end of 2021, and transactions worth 87.5 billion yuan ($13.78 billion) had been made using the Chinese central bank digital currency. In addition, more than 8 million merchants now accept the digital yuan.


Besides the Winter Olympics, the digital yuan is being tested in various cities across China, including Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, and Dalian. Tags in this story CBDC, china’s central bank digital currency, chinese central bank digital currency, Digital Yuan, e-CNY, PBOC, pboc digital currency, PBOC Digital Yuan


What do you think about the digital yuan being tested at the Winter Olympics? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Hollywood Star Ryan Reynolds on Crypto: "It"s Emerging as a Huge Player" FEATURED | 5 hours ago Mastercard Adds Crypto Consulting Service in Latest Effort to Boost Cryptocurrency Adoption FEATURED | 8 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHollywood Star Ryan Reynolds on Crypto: ‘It’s Emerging as a Huge Player’ Next articleLBank Exchange Will List Marhaba Network (MRHB) on February 17, 2022 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFarmville Creator Zynga to Launch NFT Games, Says Gaming Firm"s Blockchain Lead


American social game developer Zynga has plans to launch non-fungible token (NFT) games in the near future. Zynga’s vice president of blockchain, ​​Matt Wolf, told the press that the company is looking at the cycle right now and “figuring out ... read more.PUBG Developer Parent Company Krafton to Work On NFT and Metaverse Related Projects Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes US Inflation Jumps to 7.5%, CPI Climbs at Fastest Rate in 40 Years, Citizens See Little Wage Growth RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India

News Feed

Mastercard Enhancing Program for Cryptocurrency Wallets and Exchanges
Mastercard Enhancing Program for Cryptocurrency Wallets and Exchanges Payments giant Mastercard has announced that its crypto card program is being enhanced for
Turner Wright8 hours agoJudges weigh early release for Sam Bankman-Fried as lawyers push First Amendment issues: ReportA panel of three judges at the 2nd U.S. Circuit Court of Appeals in New York reportedly will consider
Curve founder repays 93% of $10M bad debt stemming from liquidation
Zhiyuan Sun5 hours agoCurve founder repays 93% of $10M bad debt stemming from liquidationThe DeFi protocol"s native token plunged by 28% in a single day due to liquidations stemming from a hack attempt.739 Total views3 T
Proposed US Blockchain Integrity Act would ban crypto mixers for 2 years
Derek Andersen6 hours agoProposed US Blockchain Integrity Act would ban crypto mixers for 2 yearsThe bill introduced in the House would impose a fine of up to $100,000 for handling funds from mixers, while the Treasury w
Savannah Fortis14 hours agoOKX plans to enter India, hire local employees for Web3 explorationThe CMO of OKX says the company is looking into its entrance in the Indian market through hiring local employees and “unders
Decentralized Finance Startup Focused on Bitcoin Cash Raises $1 Million for Expansion
Decentralized Finance Startup Focused on Bitcoin Cash Raises $1 Million for ExpansionOn May 7, the decentralized finance (defi) startup General Protocols revealed the team has raise
Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum
Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum On Nov. 2, 2022, the digital asset custody business and financial services provider Bitgo introduced a wrapped version of the
JPMorgan CEO Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are ‘Decentralized Ponzi Schemes’
JPMorgan"s Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are "Decentralized Ponzi Schemes" JPMorgan Chase CEO Jamie Dimon said in a U.S. congressional hearing that crypto t
NYDIG Registers for a Bitcoin ETF, Morgan Stanley Named a Participant in SEC Filing
NYDIG Registers for a Bitcoin ETF, Morgan Stanley Named a Participant in SEC Filing Just recently, during Microstrategy’s “Bitcoin for Corporations&r
Former US Treasury Secretary Larry Summers Says Bitcoin ‘Is Here to Stay’
Former US Treasury Secretary Larry Summers Says Bitcoin "Is Here to Stay" Former U.S. Treasury Secretary and economist Larry Summers says bitcoin is here to stay
Tom Mitchelhill3 hours agoSpot Bitcoin ETF hype reignited zest for blockchain games: Yat SiuThe Animoca Brands founder and CEO says spot Bitcoin ETF enthusiasm has directly correlated to increased confidence and activity
21 Bitcoin Block Rewards from 2010 Wake Up, $236M Worth of ‘Satoshi Era’ BTC Spent in 10 Months
21 Bitcoin Block Rewards from 2010 Wake Up, $236M Worth of "Satoshi Era" BTC Spent in 10 Months On Monday, January 25, 2021, at roughly 2 a.m. (EST), the notorio