Among the many benefits that China anticipated from hosting the 2022 Winter Olympics, one of the most important and subtle was the boost it would give its digital currency.

The Games would showcase China’s mastery of financial innovation, speed evolution toward a cashless society and, in its most ambitious design, undermine the U.S. dollar’s position as the global reserve currency. Those plans have been undercut by the COVID-19 pandemic, which restricted the number of visitors to the Games, but the ambition and vision are inescapable.

Unable to view this article?

This could be due to a conflict with your ad-blocking or security software.

Please add japantimes.co.jp and piano.io to your list of allowed sites.

If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.

We humbly apologize for the inconvenience.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.