China Showcases Digital Yuan at Asian Games: A Landmark Moment for CBDC

China is gearing up to promote its digital yuan more broadly, using next month’s Asian Games as the stage to introduce its Central Bank Digital Currency (CBDC) to an expansive international audience for the first time.

For the games, which will take place in Hangzhou, Zhejiang Province, from September 23 to October 8, residents in the test areas will be able to purchase tickets using China’s official CBDC app. This marks the first time a major sports event in China will accept this form of payment.

This occasion is particularly significant for Beijing, as it’s the first large-scale international sports event the country is hosting since easing COVID-19 restrictions. The government sees it as a pivotal moment to showcase its digital currency.

According to Cebnet, state-owned banks and e-commerce platforms are expected to take the lead in exhibiting the digital yuan to international visitors. A spokesperson from Meituan, the Chinese e-commerce giant, said that featuring the digital yuan in such a high-profile international event would display China’s advancements in digital economy and inclusive finance to the global community.

Industry insiders in tourism, banking, and retail see the event as an excellent chance to further boost adoption of the digital yuan. They believe the unique challenges faced by the tourism sector could even enhance the currency’s functionality.

At the recently concluded Chengdu World University Games, banks and retailers took the opportunity to promote the digital currency, likely considering it a rehearsal for the upcoming Asian Games in Hangzhou. To assist international attendees, banks distributed guides on how to use digital yuan hard wallets in multiple languages, including Chinese, English, French, and Spanish. Additionally, vendors in the athletes’ village updated their point-of-sale systems to accept payments in the digital yuan.

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