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China Gears Up for Winter Olympics With Digital Yuan

China Gears Up for Winter Olympics With Digital Yuan
  • China is preparing for the 2022 Winter Olympics with pilot phases of the Digital Yuan.
  • The nation is hosting tests in cities by using physical cards as Hard Wallets to make payments.
  • Shanghai is running the latest addition to the test phases.
  • The Hard Wallet can make payments without the presence of the internet.

China is currently testing its Digital Yuan in a University hospital in Shanghai. Similar pilot launches are running in many big cities within the nation to plan for the 2022 Winter Olympics.

The People’s Bank of China (PBoC) has approved the project. Hence, this phase is using a physical card as a Hard Wallet. The Jiao Tong University of Medicines’ Tongren Hospital is the latest in line to the pilot tests.

The staff at the hospital’s coffee store is using the Hard Wallet to buy food on campus. The wallet is a small physical card that can hold the asset. A point-of-sale device will complete any purchases.

The Wallet Card has a small screen on the top right corner which displays data like — the amount spent, the card balance, and available offline transactions.

To clarify, it can accept or transfer payment offline. That is to say, it does not need Wi-Fi to process transfers.

Besides Shanghai, many more notable cities are running pilot tests with Digital Yuan as well. These cities include Chengdu, Shenzhen, Suzhou, and Xiongan.

China is determined to be less dependent on the US Dollar and aims to draw in more users to the Digital Yuan — domestic and foreign.

Local experts say that the asset may spend a long time in its testing phase. But, China is optimistic about having it ready by the time the 2022 Winter Olympics arrives.

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