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.