China Introduces Digital Yuan at Summer World University Games

China introduces the Digital Yuan, taking a significant leap towards its central bank digital currency (CBDC) at the Summer World University Games. The Digital Yuan is an excellent opportunity to demonstrate the practical applications and benefits of the Yuan to an international audience.

Currency of the Future: Digital Yuan Makes its Mark at Summer World University Games

In July, student-athletes from different countries can use China’s digital yuan during the Summer World University Games held in Chengdu. The central bank digital currency (CBDC) will be utilized during the event, allowing participants to experience and interact with the digital yuan firsthand.

As reported by The Cover, this will be the first “major international sports event

to use “the digital yuan following the Beijing Winter Olympics

Every two years, the Summer World University Games unite university students worldwide to compete in sports like athletics,  gymnastics, tennis, rowing, and swimming. Talented students can showcase their abilities and represent their universities internationally.

According to organizers, they’ve “successfully created” public yuan wallets for the event’s executive committee. 

In addition, organizers claimed to have “achieved initial results” in applying CBDC to event-related “scenarios” like catering, transportation, and medical care.

The event will occur from July 28th to August 8th in Chengdu, Sichuan Province, and Jianyang County. The competition will feature athletes from 34 countries. This week, a torch relay started at Peking University.

ICBC: Official Partner of the Event, Pioneering the Digital Yuan 

China’s Industrial and Commercial Bank of China (ICBC) is the event’s official partner. One of China’s first banks to launch a digital yuan wallet was ICBC in 2020.

Still, it’s unclear whether athletes will get tricky wallets with digital yuan like in Beijing. Payments in the Olympic Village were only accepted with Visa cards and digital yuan. COVID-19 affected the global showcase of the digital yuan, so spectators were not allowed.

Chinese officials in the financial sector are planning to showcase the digital yuan on a larger scale at the upcoming Asian Games in Hangzhou, starting on September 23. They are preparing a range of promotions and initiatives to introduce international spectators to the digital yuan during the event. 

To commemorate the occasion, special digital yuan tricky wallets with a games-themed design have been developed ahead of the opening ceremony. 

Furthermore, the public transportation networks in and around Hangzhou have been upgraded to support digital yuan payments, providing convenient options for attendees.

Initially scheduled for 2021, the Summer World University Games in Chengdu had to be postponed due to the pandemic and scheduling conflicts with other Olympic events.

Despite the delay of two years, the event will still be referred to as “Chengdu 2021” for simplicity, acknowledging the originally intended year of the games.

An event was originally planned for Yekaterinburg, Russia. The International University Sports Federation, the governing body of the games, canceled the event in Yekaterinburg due to the pandemic and war in 2022. After that, the games moved to Tokyo, Japan.

Read more:

• Chinese Banks Promoting Digital Yuan Over Alipay Ahead of May Festival
• China’s Digital Yuan Project Takes Shape as More Companies Join Tests