According to a Wall Street Journal story on Wednesday, the number of transactions utilizing the digital yuan much outnumbered Visa at the opening ceremony of the 2022 Winter Olympics in Beijing.
During the Beijing Winter Olympics, athletes and tourists can use cash, Visa cards, or digital yuan to make purchases in the Olympic Village.
Numerous businesses that accept digital renminbi are not in the isolation zone, and there are many self-service devices on-site at the Winter Olympics that allow customers to exchange fiat cash for digital renminbi, minimizing human-to-human interaction and successfully restricting the spread of COVID-19.
Although leading mobile payment systems in China, Alipay and WeChat Pay have become generally recognized payment methods by the general population.
According to relevant people, the digital yuan or DCEP may be disastrous for major mobile payment systems, citing the “stickiness” of those platforms and their diverse lifestyle offers as reasons they may survive despite the benefits of a government-backed digital currency.
However, because of an exclusive arrangement with visas at the Winter Olympics, athletes and tourists at the Olympic Village may only use cash, Visa cards, or digital yuan for purchases.
The use of the digital yuan sparked concern in the United States, prompting Senator Pat Toomey, a senior member of the United States Senate Banking Committee, to suggest that the United States government thoroughly study the Chinese digital yuan’s implementation during the Beijing Winter Olympics.
On January 19, the PBOC financial markets department statistics indicated that the new legal cash had signed a total of 87.57 billion yuan ($13.68 billion) in transactions since public testing began.