![]() The Games would have been the first real opportunity to see how the digital yuan will work for tourists and overseas visitors to China, but that opportunity is gone. "Though the Olympics were originally viewed by Chinese authorities as a chance to showcase the potential use of the currency in an international setting, it is likely that few non-Chinese citizens will use the digital RMB wallet at the Games," Triolo added. Meanwhile, China's so-called "zero Covid" approach has led to strict measures to try to stamp out the virus in China - that means very few foreign visitors will be attending the Winter Olympics in Beijing. "However, over time, there may be some niche areas where the digital RMB could see greater use, such as paying certain types of government related bills, or for things like transportation, particularly if the central bank offers incentives like red envelopes and other inducements." The Chinese currency is also referred to as the renminbi, or RMB. "For the foreseeable future, even if there is an uptick at the Winter Olympics, the transaction turnover rate of the central bank digital RMB is likely to be very tiny in comparison to popular payment platforms WeChat Pay and Alipay," Triolo said. Over 90 of the mobile payment market is dominated by two. But overall, transaction volume is unlikely to match that seen by Alipay and WeChat Pay, according to Paul Triolo, head of the geo-technology practice at risk consultancy Eurasia Group. The bulk of national payments now go through Alibabas Alipay and Tencents WeChat Pay, he explains. The latest test in the tech metropolis of Shenzhen means China aside from earlier trials involving large banks has now tested out its new digital yuan on 250,000 shoppers and restaurant-goers. The venues for the 2022 Games in Beijing will be able to use the e-CNY app there. China concluded another mass retail test of its new digital yuan this week after distributing 100,000 e-CNY red packets worth US3 million. China's central bank previously stated its intention to make the digital yuan available to visitors to the Beijing Winter Olympics.
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