China is forging ahead in endorsing digital currency along with a fresh push toward digital yuan adoption, ahead of the much-anticipated Asian Games. The aim is to flaunt the central bank digital currency (CBDC) on a prominent international platform for the very first time.
As noted in the statement by a representative of the e-commerce giant Meituan, using digital yuan for significant international sports events will underline the progression of Chinese digital economy and inclusive finance to audiences worldwide.
The event, scheduled at Hangzhou, Zhejiang Province, from September 23 to October 8 will enable citizens within the pilot zones to purchase event tickets via the official CBDC app – marking an inaugural move of sorts for major sports events in China.
In an atmosphere set on recovery post the COVID-19 pandemic containment measures, the event will serve as a substantial moment for the Chinese CBDC.
Various state-operated commercial banks in tandem with e-commerce platforms are contemplated to play a significant role in introducing the advanced token to international tourists.
While the tourism industry, banks, and retailers opine that the event manifests a dynamic opportunity for boosting CBDC adoption, they also feel that the latent challenges could foster further enhancement of the token’s functionality.
Notably, prominent banks and retailers had ventured to promote the coin extensively during Chengdu World University Games, along with issuing comprehensive instruction guides to manipulate digital yuan hard wallets in several languages including English, French, Spanish, and Chinese, for the benefit of individuals worldwide.
In the context of the Asian Games, CDBC’s official app, as stated in an official Baidu post, will receive an update to allow game visitors to purchase tickets and pay transportation costs amongst others.
It is important to note that the Industrial and Commercial Bank of China (ICBC) has prepared for the Asian Games, with the initiation of commemorative Asian Games-themed digital yuan hardware wallets. It is also speculated that these wallets can potentially expand usage for non-Chinese nationals, and Chinese spectators from outside the pilot zone, thereby encouraging broader adoption of digital currency.
Source: Cryptonews
