e-CNY app is charging up ahead of the Winter Olympics in China

China’s prototype e-CNY appeared in several cities earlier this month. e-CNY is a central bank supported digital currency.

As the country tries to formalize its CBDC during the Winter Olympics scheduled for February 4-20, 2022, mobile app downloads are skyrocketing. This could make the intention to use e-CNY for the participants of the Winter Olympics a reality.

Meanwhile, local wireless operator Kuchuan’s Android device downloads rose to 14 million as of press time. On the other hand, a report from SCMP notice e-CNY became Apple’s most popular iOS app shortly after its launch, beating WeChat as the market leader.

In addition, some discount offers are also intended to attract users. Robin Deng – a Chengdu resident told SCMP:

“I get a 50% discount when I use the digital yuan to ride the subway. Paying with e-CNY is similar to WeChat Pay and Alipay. “

Previously, private companies were seen as tough competitors for the digital yuan. However, the Tencent company, with nearly 800 million monthly active users, recently said “it will support the digital yuan”.

However, the e-CNY is still missing some key features like offline payments and deposit rates. Another user replied:

“I don’t think e-CNY will be of much use to current users, especially those in large cities where third-party electronic payment services are popular. At the bottom of the market in the small town … there might be a chance. “

In addition, media reports said authorities are encouraging foreign companies to accept digital yuan payments during the Beijing Winter Olympics. This is intended to promote broader acceptance. China is also considering a government-sponsored digital asset exchange designed to encourage the use of the digital yuan, according to previous reports.

It’s worth noting that China has become one of the leading providers of local and global CBDC studies, according to data statistical. Local media in China reported another “multipoint” influence on e-CNY during the 14th National Olympic Games last September.

The source: Kuchuan

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