As the Asian Games draw closer, China is experiencing an increase in the adoption of its digital yuan.
Apps like WeChat have begun accepting digital yuan-backed payments. Now, people can use the CBDC to access various transportation means in venue cities, including Zhejiang province’s Hangzhou.
The host city has made significant progress in its plans for the event despite a one-year delay due to the COVID-19 pandemic.
The Central People’s Bank of China (PBoC) has incorporated a new ride code feature in its official digital yuan app. The update will allow users to quickly scan their smartphones while aboard the Hangzhou Metro. The metro system will then automatically remove transport fees from the users’ e-CNY wallets.
The lovely city of Shaoxing will host five events in the Asian Games, including baseball and volleyball. The PBoC stated that the Shaoxing Metro will also accept digital yuan ride code payments, increasing the CBDC’s adoption rate.
In addition, the Hangzhou-Hai Intercity Railway will support the ride code feature. By doing so, passengers can navigate connected regions in Zhejiang Province, like Haining and Hangzhou, with an impeccable payment experience.
The PBoC’s initial plans were for the CBDC to debut internationally at the 2022 Winter Olympics in Beijing in February of the same year. However, it had to scale down its demonstration, with only a few people allowed in attendance. Nevertheless, PBoC gave competitors free e-CNY hard wallets to increase coin adoption at the event.
China intends to make things right at the Asian Games. It would be the first prominent international sporting event the country has hosted since the pandemic. It is also the first major sport event since the coin advanced to its current phase. In 2022, Ningbo in Zhejiang province disclosed that its 125 metro stations accept digital yuan transactions at ticket barriers.
Earlier this year, the Central People’s Bank of China upgraded its official digital yuan app to support electricity-free payments. Users in the pilot zone could move around even when their smartphones are dead or have no network coverage.
CBDCs and Their Global Adoption
Worldwide, countries are starting to make various advancements in developing their CBDCs. Nations are investing heavily in growing their CBDCs and adoption after recognizing these digital currencies’ advantages.
Countries, like Turkey, have begun testing their CBDCs. Last month, the Bank of Korea collaborated with tech giant Samsung to research on CBDCs. Hence, we can state that different countries are showing their interest in the crypto world and CBDCs.