The People’s Bank of China is planning to put digital yuan to use at the 2022 Winter Olympic Games in Beijing

The People’s Bank of China is planning to put its digital yuan to use at the 2022 Winter Olympic Games in Beijing.


China will soon launch its digital yuan

According to a report from Reuters, Sun Guofeng, head of PBoC’s monetary policy division, said that the bank does not have a timetable for the implementation of cryptocurrencies. However, according to Sun’s statement, the PBoC is likely to launch the coin before the 2022 Winter Olympics as it intends to use it during the international sporting event.

This news comes as China is ramping up the pilot for the digital yuan. As mentioned, the Chinese central bank is currently conducting trials of its digital currency in Shenzhen, Suzhou, Xiongan, and Chengdu.

Furthermore, the bank is planning to deploy the digital currency for pilot testing on other regions, including Beijing, Tianjin, Hebei, and Hong Kong Greater Bay Area.

Elsewhere, the bank representative also noted that they are only testing the digital yuan for small transactions. Faced with rumors of not being able to convert digital currencies into paper money, the central bank also clarified that the digital yuan is a legitimate product. Therefore, users can turn it into paper money with a 1: 1 ratio.

Currently, there is too little information about this Chinese digital currency. So we can’t say much more about anything yet. Even with this news, there is no 100% argument to be sure that China will soon launch and deploy it. Anyway, the most obvious thing we do know is that the bank is making rapid progress in the launch of a digital yuan.

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