China's Digital Yuan to Take Center Stage at the Asian Games
China is set to showcase the capabilities of its digital yuan (CBDC) during the upcoming Asian Games, marking its first major international sporting event since the pandemic outbreak. The Hangzhou-Hai Intercity Railway will introduce the ride code system, showcasing China's determination to exhibit the capabilities of its digital yuan during the event.
The CBDC pilot program began in 2020, with Ningbo becoming the trailblazer by announcing that all 125 of its metro stations now accept digital yuan-powered payments at ticket barriers. Earlier this year, the PBoC enhanced its official digital yuan app, enabling citizens to make electricity-free payments using the digital currency.
As digital payment adoption continues to surge, the seamless integration of the CBDC into various aspects of daily life reflects China’s commitment to pioneering a cashless society driven by innovative technologies. The world will be watching closely as China unveils the potential of the digital yuan during this prestigious event.