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Gitumani Talukdar
Feb 16, 2022
by Gitumani Talukdar

Crypto at the Olympics: NFTs Spread, Bitcoin Steered, and CBDC Controversy 

NFTs Olympics Bitcoin
Bitcoin & NFTs are everywhere in the Olympics; especially in 2022. Having said that, China's CBDC is in the middle of a contentious climb. The 2022 Winter Olympics; also known as the XXIV Olympic Winter Games, began on Feb. 4 in Beijing. Crypto is considered to be the most relevant of the event, moderately, because of the Chinese government's digital currency schemes.

Cryptocurrencies weren't dominant in the Olympics sector over the last few decades. The significant headlines were related to the Dogecoin (DOGE) community. This helped in funding the Jamaican bobsled team in 2014 & they were able to participate in Sochi.

NFTs at the Olympics

China's CBDC is emerging in the news headlines. Yet, NFTs are presently captivating fans and art lovers. Many NFT projects have been able to grab fans' attention to the Olympics. A remarkable enterprise arose from the International Olympic Committee (IOC). 

This initiative collaborated with NFT marketplace and game studio nWayPlay thereby launching the Olympic Heritage Collection of Olympic NFT pins. The launched Olympic NFT pins are algorithmic versions of physical collectible and tradable pins. They acknowledge the past Olympic Games via posters, emblems, pictograms, etc., from the last 125 years.

China's Digital Yuan Controversy

The 2022 Winter Olympics were supposed to be a sort of coming-out party for the Digital Yuan, China's CBDC. The digital currency now can be pre-owned via the government's mobile app, e-CNY, or via mobile payments platforms such as Tencent Holdings' WeChat. Transactions backed upon by the Digital Yuan have generated a profit of over $13 billion since its launch. Until the last year, 2021; an average of 10 million merchants activated digital wallets. 

Fergus Hodgson- MD of financial consultancy organization Econ Americas said, "Olympics have become a marketing scope for governments, usually one that loses money." It is predicted that China's digital currency will avail the country & its government with new tools that can survey its economy. These tools will also dominate a major share of the global digital economy.
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Crypto at the Olympics: NFTs Spread, Bitcoin Steered, and CBDC Controversy 
Gitumani Talukdar
Gitumani is a blockchain enthusiast as she keeps a tab on the recent happenings pertaining to the crypto industry. She aims to provide quality content in blockchain and crypto domain. She is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.

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