People's Bank of China: Daily Digital Yuan Transactions Reached $315,000 at the Olympics

Everyday volume of operations with digital yuan reached $315,000 in recent days at the Olympics, revealed the People’s Bank of China.

According to the China Digital Currency Research Institute, the daily volume of payments using the digital yuan (e-CNY) reached approximately $315,761. Guests of the Beijing Winter Olympics, as well as athletes, coaches and media professionals from around the world can pay for goods and services using digital currency through a special mobile application.

According to Mu Changchun, the institute’s general director, there is still no accurate data on the share of transactions made by Chinese citizens and foreign visitors. But he noted certain trends in the use of y-CNY.

“It seems all the foreign users are using hardware wallets,” Mu said, referring to the e-CNY payment cards, which look like credit cards without the normal chip and magnetic strip. “The software wallets are mainly used by the domestic users.”

There are special ATMs installed near the Olympic venues in Beijing where foreign guests can exchange paper foreign currencies either for yuan or for e-CNY with crediting to special plastic cards.

Reuters recalls that Republican Senator and Deputy Chairman of the US Senate Select Committee on Intelligence Marco Rubio sent a letter to the administration of President Joe Biden. Ha called the digital yuan a “tremendous security threat to individual users”.

Jeremy Fleming, one of the spy chiefs of British intelligence, also saw high risks of Chinese authorities conducting surveillance using e-CNY. However, Beijing claims that the People’s Bank of China collects information to the minimum and necessary extent in e-CNY applications and strictly controls the storage and use of personal information.


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