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HomeCrypto NewsMarketDigital Yuan Surpassed Visa in Number Of Transactions On Opening Day of 2022 China Winter Olympics

Digital Yuan Surpassed Visa in Number Of Transactions On Opening Day of 2022 China Winter Olympics

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The digital Yuan surpasses Visa in the number of transactions at the Winter Olympics.



The number of digital Yuan transactions at the Winter Olympics exceeded Visa. On the opening ceremony of the Winter Olympics, held at Beijing’s National Stadium, also known as the “Bird’s Nest,” more transactions were made in the Chinese central bank’s digital currency Digital Yuan or e-CNY than the Visa, according to Wall Street Journal.

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Visa has an exclusive deal with Chinese authorities that made Visa the only payment processor at the Winter Olympics. The competition will not accept payments via Alipay, WeChat Pay, and other popular payment systems. But still, China Digital Yuan surpassed Visa in the number of transactions.

Visa is also looking to integrate Digital Yuan payments. Visa has not discontinued e-CNY payment options, possibly because it is awaiting its application for a license to operate in China.

According to the Beijing Organizing Committee of the Games, replacing cash with digital currency will significantly reduce people-to-people contact and reduce the risk of the spread of COVID-19. Inside the “quarantine zone,” visitors can exchange fiat currency for digital yuan using cryptomats.

Recall that in July 2021, Republican Senators Marsha Blackburn, Cynthia Lummis, and Roger Wicker sent a letter to US Olympic Committee Chair Susan Lyons demanding that athletes be banned from using e-CNY.

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US Senate Banking Committee member Pat Toomey urged Treasury Secretary Janet Yellen and Secretary of State Anthony Blinken to look into China’s use of the digital yuan at the Olympics.

The Chinese authorities expect that the launch of the CBDC will help strengthen the yuan’s position in the international arena and break the dominance of the dollar.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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