{"id":57560,"date":"2022-02-11T12:16:07","date_gmt":"2022-02-11T10:16:07","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=57560"},"modified":"2025-09-04T12:20:41","modified_gmt":"2025-09-04T09:20:41","slug":"media-digital-yuan-outpaces-visa-in-daily-transactions-on-olympic-opening-day","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-digital-yuan-outpaces-visa-in-daily-transactions-on-olympic-opening-day\/","title":{"rendered":"Media: Digital yuan outpaces Visa in daily transactions on Olympic opening day"},"content":{"rendered":"<p>On the day of the opening ceremony of the Winter Olympic Games in Beijing, attendees made more transactions with the <span data-descr=\"digital yuan\" class=\"old_tooltip\">eCNY<\/span> than through Visa&#8217;s payment system. The Wall Street Journal (WSJ) reports this, citing sources.<\/p>\n<p>Exact figures were not disclosed.<\/p>\n<p>Within the &#8220;quarantine bubble&#8221; you can also pay with cash or use devices for converting fiat into <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a>. In November 2021, <a href=\"https:\/\/u1f987.com\/en\/news\/china-unveils-device-to-exchange-currencies-for-the-digital-yuan\">a device that converts foreign currencies into the digital yuan<\/a> was introduced by Bank of China.<\/p>\n<p>Depending on the transaction size, visitors receive physical cards or gadgets loaded with the digital currency. Because of an exclusive contract with Visa, payments familiar to Chinese users using <a href=\"https:\/\/u1f987.com\/en\/news\/media-china-curbs-rivals-to-the-digital-yuan-in-the-olympic-village\">AliPay and WeChat are excluded<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cReplacing cash with digital yuan for payments can effectively reduce direct contact between people and the risk of spreading COVID-19.\u201d<\/em>, the organizing committee said in response to WSJ&#8217;s inquiry.<\/p>\n<\/blockquote>\n<p>The publication noted that many merchants accept CBDC as payment while outside the \u201cquarantine zone.\u201d<\/p>\n<p>Visa approved the option to pay with eCNY while awaiting a license to operate in China, journalists suggested. For now, authorities have allowed the operation of competitors \u2014 Mastercard and American Express.<\/p>\n<p>In July 2021, <a href=\"https:\/\/u1f987.com\/en\/news\/senators-urge-banning-us-athletes-from-using-the-digital-yuan\">a letter demanding that athletes be prohibited from using e-CNY<\/a> was sent to the chair of the US Olympic Committee, Susanne Lyons.<\/p>\n<p>Senator Pat Toomey, a member of the Senate Banking Committee, <a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/toomey_letter_to_yellen_and_blinken_on_digital_yuan.pdf\">\u043f\u0440\u0438\u0437\u0432\u0430\u043b<\/a> Secretary of the Treasury Janet Yellen and Secretary of State Antony Blinken to study the experience of China\u2019s use of the digital yuan at the Olympics.<\/p>\n<p>The Chinese authorities <a href=\"https:\/\/u1f987.com\/en\/news\/china-plans-to-challenge-dollar-dominance-with-a-cbdc\">expect<\/a> that the launch of the CBDC will help strengthen the yuan&#8217;s position on the international stage and undermine the dollar&#8217;s dominance.<\/p>\n<p>Earlier, the Director of the U.S. National Intelligence John Ratcliffe <a href=\"https:\/\/u1f987.com\/en\/news\/us-spy-chief-warns-of-chinas-dominance-in-digital-currencies\">expressed concern<\/a> about China&#8217;s dominance in the field of digital currencies.<\/p>\n<p>Subscribe to ForkLog\u2019s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the day of the opening ceremony of the Winter Olympic Games in Beijing, attendees made more transactions with eCNY than via Visa&#8217;s payment system. The Wall Street Journal (WSJ) reports this, citing sources.<\/p>\n","protected":false},"author":1,"featured_media":57561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[157,1369],"class_list":["post-57560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-visa","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=57560"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57560\/revisions"}],"predecessor-version":[{"id":57562,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57560\/revisions\/57562"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/57561"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=57560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=57560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=57560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}