Digital yuan is not popular at the Olympics
The analysts don’t see much point in a Chinese CBDC

09.02.2022 - 13:25
431
1 min
0
What’s new? China debuted its digital yuan at the Winter Olympics, but it is not in high demand from locals and visitors to the capital. Bitcoinist reports that people are leaning towards Visa, Alipay, and WeChat Pay.
Why is e-CNY not popular? According to Eswar Prasad, an economics professor at Cornell University and author of “The Future of Money,” the digital yuan is experiencing some difficulties in terms of usage. Prasad doesn’t see much point in using China’s CBDC when there is Alipay and WeChat Pay.
“These two payment giants have created a lot of economic and political power. They are making it harder for new entrants into the payment space, limiting competition, limiting, potentially, innovation.”
What other problems does the digital yuan have? Eswar Prasad cited security as another disadvantage of e-CNY. According to the professor, the extent to which funds are secure depends on the wallet chosen by the user.
“Anything digital is ultimately going to be traceable. Because no central bank really wants its money to be used without auditability and verifiability of the transactions.”
It will also be recalled that the US authorities have warned their athletes in every possible way against using Chinese digital currency. Perhaps this fact has had an impact on the popularity of e-CNY after all.
Useful material?
Market
The product will allow professional investors to track the price of the altcoin without having to hold it directly
Apr 18, 2025
Market
Previously, the PumpFun team launched their decentralized exchange to preserve liquidity in their ecosystem
Apr 17, 2025
Technologies
The company predicts that devices powerful enough to crack a 256-bit key could be available in the next 10 years
Apr 17, 2025
Mining
The collaboration aims to increase decentralization of the blockchain
Apr 15, 2025
Market
The feature will later be available to customers in Europe and Australia
Apr 15, 2025
Crypto regulations
The rule was passed toward the end of Joe Biden’s presidential term
Apr 11, 2025