Friday, March 1

COVID Restrictions Hinder Digital Yuan Deployment At Beijing Winter Olympics, Report Says By Cointelegraph


©Reuters. COVID Restrictions Hinder Digital Yuan Deployment at Beijing Winter Olympics, Report Says

Although athletes and support staff arriving at the 2022 Beijing Olympics continue to have the option to use digital currency for payments at many venues, China’s international CBDC trial reportedly faces obstacles due to to the pandemic.

According to a Monday report by CNN, the country’s Olympic athletes, officials and journalists are largely separated from China’s population in a quarantine “bubble” to prevent the spread of COVID-19. These precautions, combined with the Chinese government’s decision to limit the number of in-person spectators, may result in far fewer people trying the digital yuan as a payment method at the big event.

“The Olympics would have been the first real opportunity for both tourists and Chinese citizens to get acquainted with the digital yuan, but that door was slammed shut when the Chinese government decided to severely restrict the number of Olympic spectators,” said Craig Singleton. , member of the Foundation for the Defense of Democracies. “That decision alone, more than anything else, will likely further delay mass adoption of digital currency.”

Read the full article on Cointelegraph

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