People’s Bank of China to Use its Digital Currency at the 2022 Winter Olympic Games in Beijing
People’s Bank of China (PBoC) is planning to use its digital currency at the 2022 Winter Olympic Games in Beijing.
It has been reported by Reuters that Sun Guofeng, the head of the monetary policy department at PBoC, said that the bank does not have a timetable for the rollout of the digital currency.
However, going by Sun’s statement, PBoC is likely to launch it before the 2022 Winter Olympic Games as they plan to use it during the international sports event.
The news comes as China is ramping up pilots for the digital yuan.
At present, the Chinese central bank is conducting trials of its digital currency across Shenzhen, Suzhou, Xiongan, and Chengdu.
People may be able to use China’s #digital_currency during the 2022 Winter Olympic Games in Beijing https://t.co/mHN1xCbI8p — Cointelegraph (@Cointelegraph) August 25, 2020
It has been analyzed that the bank was planning to roll out the digital currency for pilot tests across other regions including Beijing, Tianjin, Hebei, and Hong Kong’s Greater Bay Area.
Moreover, a recent official statement from the bank noted that they were only testing the digital yuan for small retail transactions.
Busting rumors about the inability to convert the digital currency into banknotes, the central bank also clarified that the digital yuan was a legal tender that users can convert it into banknotes at a 1:1 ratio.
Thus, there is still too little information about China’s digital currency to say anything for certain about its launch and use-cases.
Source: Cointelegraph | Image: Nikkei Asian Review
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