China has been showing off its digital yuan at the Olympics
Beijing’s trial run is a victory in the digital space race among countries to create an electronic form of banknotes. But it also hands the Communist Party another surveillance tool.
China is competing for more than just medals at the Winter Olympics in Beijing this month. It’s also quietly trying to define the future of money.
Although attendees can pay vendors for food and souvenirs with a Visa or cash, they also have the option of holding up a phone, scanning a barcode, and paying with the “e-CNY,” or electronic yuan, one of the only so-called central bank digital currencies offered by a major economy.
