Over $300,000 worth of digital yuan used daily at the Olympic Games

Everyday transactions with China’s digital currency during the Beijing Olympic Games account for around 2 million yuan (approximately $315,000), a top official at the nation’s central bank said. He further revealed that foreign users employ hardware wallets when dealing with the product, while locals prefer software wallets.

China’s name pops up somewhat immediately when speaking of central bank digital currencies (CBDCs). Over the past several months, the most populated nation launched many initiatives to popularize its digital yuan among the broader society.

In April 2021, the authorities announced that athletes and foreign visitors at the 2022 Beijing Winter Olympics will be able to employ the financial product. The sports event started earlier this month, and the officials already have data regarding the daily digital yuan transactions.

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