Digital currency makes Olympic debut


BEIJING: China is ready to showcase its state digital currency, the e-CNY, as an official payment method at the 2022 Beijing Winter Olympics, which kicks off on Friday. According to a statement from the People’s Bank of China (PBOC), all payment services related to the Olympics have been prepared, including accounts, bank cards, mobile payments, cash, and the digital yuan. RT reported that the e-CNY is China’s Central Bank Digital Currency (CBDC), which is essentially a clone of the fiat yuan in the form of a digital asset. Unlike decentralized cryptocurrencies, which are banned in China, the e-CNY is fully controlled and governed by the central bank. The e-CNY is already accepted at the Beijing Olympics’ official store in the Main Media Center (MMC), which officially began 24-hour operations on Monday. TLTP