China restricted payments using WeChat and Alipay in Olympic Village
This was done as a part of a project to test the digital yuan
![China restricted payments using WeChat and Alipay in Olympic Village](https://storage.getblock.net/source/1/p9MjdmMn9Ta30pOAEY7taoL5CM5Zc9tj.png)
13.01.2022 - 08:00
226
1 min
0
What’s new? According to Bloomberg, the Chinese authorities have decided to restrict access to the popular payment platforms from WeChat and Alipay within the Olympic Village. For the duration of the Olympics, the payments will be made using cash and digital yuan (e-CNY).
News source on the Bloomberg website
How will the e-CNY test take place? The spectators and participants of the Olympics will be able to download a mobile wallet or get a physical card. Buying the digital yuan will be available at the special terminals placed in the Olympic Village. As for the athletes, the Olympic organizers will give them special digital bracelets, which they will use to pay for the purchases in various shops.
This project has been implemented to conduct the full-scale testing of e-CNY and a pilot version of the wallet. The main developer of the new digital asset and payment infrastructure is the Digital Currency Research Institute of the People's Bank of China.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024