The People’s Bank of China (PBOC), along with the commercial institutions in the country, has been actively testing its digital fiat currency, the Chinese electronic yuan (e-CNY), with almost 21 million people (personal wallets) having taken part in the tests as of June 2021.[i] Further, China has been accelerating its efforts to make the 2022 Beijing Winter Olympics “technology savvy” by the wide adoption of e-CNY.