Asian Games set for digital yuan, metaverse pilots, tech firm claims

A Hangzhou-based data firm has confirmed that it is working on the application of the digital yuan and the metaverse in the upcoming 2022 Asian Games. 

Fast facts

• Zhengyuan Data System Engineering revealed that it is developing virtual humans for the metaverse, while working with local banks for digital yuan pilots.
• Hangzhou, the host city of the September Asian Games and capital of Zhejiang province, has been a leading bidder to be among the pilot cities for the upcoming batch of digital yuan trials.
• China’s central bank has confirmed its support for digital yuan pilots in Zhejiang, after the provincial government hinted the Asian Games will be a key event in showcasing the central bank digital currency (CBDC). 

• China’s CBDC — the digital yuan, or e-CNY — topped US$11.24 billion in historical transactions by the end of 2021 and had its international debut at the Winter Olympics.
• In addition, a metaverse will be built for the Asian Games, with state-owned telecommunication giant China Telecom announcing that a 5G-powered VR/AR viewing platform is in the works for the sporting event.