There are no fees for using e-CNY in China.Īccording to the Wall Street Journal, citing an unnamed source, e-CNY payments outnumbered Visa payments inside Beijing’s main Bird’s Nest stadium during the opening ceremony of the Beijing 2022 Winter Olympics last Friday. The latter will charge a processing fee on an international payment, as would be the case for a U.S. Guests at the Olympic Village use cash to top up an e-CNY card, which they can then use for contactless payments at any point of sale in the Olympic Village.Īlthough utilizing a card interface blurs the distinction between paying in e-CNY or paying with a Visa credit card, using China’s digital currency at the Olympics is cheaper than paying with Visa. As of November, the digital currency processed $9.7 billion worth of transactions.īut to the average end user in Beijing’s Olympic bubble, China’s e-CNY payments system operates the same way as a prepayment card. According to officials, over 140 million users have registered for e-CNY accounts, which they can access through a smartphone app. “The Olympics has always been scheduled by the People’s Bank of China as the global coming-out party for the digital yuan,” says Richard Turrin, author of Cashless: China’s Digital Currency Revolution.Ĭhina began rolling out its digital currency in pilot zones in April 2020. Visa, cash, or China’s digital currency, the e-CNY. Inside the “Olympic bubble”-a dynamic quarantine zone China operates throughout the Olympic Village in Beijing-athletes, media, staff, and all other guests have three payment options available, rather than the usual two.
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