In a groundbreaking move, student athletes from around the world will have the chance to use China’s digital yuan at the Summer World University Games in Chengdu this July. This will mark the first major international sports event to officially adopt the digital yuan as a form of payment, following its use at the Beijing Winter Olympics. The biannual event, featuring university students competing in athletics, rowing, swimming, gymnastics, and tennis, is expected to generate significant interest in the digital currency.
Organizers have reportedly created public digital yuan wallets for use by the event’s Executive Committee and made progress in applying the central bank digital currency (CBDC) to various event-related areas such as catering, medical care, and transport. The games will be held across multiple locations in Chengdu and Jianyang County from July 28 to August 8, with a total of 34 nations participating.
The event’s official partner is the state-owned Industrial and Commercial Bank of China (ICBC), which was among the first banks in China to launch a digital yuan wallet in 2020. While the Beijing Winter Olympics saw athletes issued with digital yuan hard wallets, it remains to be seen if the same approach will be taken for the Summer World University Games. During the Winter Olympics, the digital yuan and Visa card payments were the only accepted forms of payment in the Olympic Village.
Despite efforts to showcase the digital yuan, the impact on a global audience was limited by the coronavirus pandemic, which restricted public attendance at the event. Chinese officials are eager for another opportunity to promote the digital currency in greater scope at the Asian Games taking place in Hangzhou this September. Commemorative, wearable, games-themed digital yuan hard wallets have already been developed, and public transportation systems in the region have been upgraded to accept digital yuan payments.
Originally planned for Chengdu in 2021, the Summer World University Games were postponed due to the pandemic and conflicts with other Olympic events. The event has retained the “Chengdu 2021” moniker despite being held two years late. Amid the pandemic and conflict in Ukraine, a similar event scheduled for Russia’s Yekaterinburg this year was canceled by the International University Sports Federation.
The use of the digital yuan at such a prominent international sporting event could potentially enhance its adoption, while also advocating for the technology’s feasibility and reliability. However, it remains to be seen if the implementation will be as seamless as hoped and whether international audiences will embrace the Chinese CBDC as a preferred form of payment. Regardless of the outcome, the Summer World University Games will undeniably contribute to the ongoing discussions around CBDCs and their potential role in future global events.
Source: Cryptonews
