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The People’s Bank of China (PBOC), the Chinese central bank, has provided an update on how its central bank digital currency (CBDC), the e-CNY, is being adopted during the Beijing Winter Olympics.
The Director-general of the PBOC’s Digital Currency Research Institute Mu Changchun, from the Chinese central bank, spoke during a webinar arranged by the Atlantic Council onTuesday.
According to the PBOC senior official, the e-CNY is being used to make 2 million yuan ($315,000) or more in daily payments at the Olympics. He said:
“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.”
Changchun added:
“It seems all the foreign users are using hardware wallets … The software wallets are mainly used by the domestic users.”
While it is largely being used on mobile phones, the digital yuan can also be spent using e-CNY payment cards, similar to a credit card.
Multiple digital yuan ATMs are set up at some central venues at the Games, where athletes can convert foreign currency banknotes into either digital yuan or normal yuan banknotes.
The e-CNY is not only being tested during the Beijing Winter Olympics. Other cities across China are involved in the final phases of the trial, including Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, and Dalian.
A week ago, U.S. Senator Pat Toomey called out to his fellow policymakers, warning that the e-CNY is a potential threat to U.S. interests.