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athletes, media, staff, and all other guests have three payment options available, rather than the usual two. Visa, cash, or China’s digital currency, the e-CNY.
Although utilizing a card interface blurs the distinction between paying in e-CNY or paying with a Visa credit card, using China’s digital currency at the Olympics is cheaper than paying with Visa. The latter will charge a processing fee on an international payment, as would be the case for a U.S. athlete using a U.S. credit card to buy something in Beijing. There are no fees for using e-CNY in China.
Although utilizing a card interface blurs the distinction between paying in e-CNY or paying with a Visa credit card, using China’s digital currency at the Olympics is cheaper than paying with Visa. The latter will charge a processing fee on an international payment, as would be the case for a U.S. athlete using a U.S. credit card to buy something in Beijing. There are no fees for using e-CNY in China.
That’s going to be their main narrative on why CBDC is “better”, and why everyone won’t need any other digital currency, or any other medium for cashless payments. “Speed, efficiency, and convenience”. “Millions of transactions per second”. “Future of payments”.
So, entice the visitors to become your guinea pigs and make sure it works before you start forcing the rest of your populace to use it? Sounds about right.
That’s what they did, and that’s what I said earlier in the topic, because it was already known that China would unveil their CBDC to the world during the Olympics, yet I believe there was a poster who didn’t believe it. Haha.
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Because, let's be honest, once this thing is fully up and running, people in China probably won't have much choice in the matter for long. It'll start with 'nudge theory', but will swiftly become outright coercion.
Using it itself would subject you to the protocol’s pre-programmed rules. Break the rules, wallet disabled. The value of Bitcoin’s narrative/main value proposition goes higher.