China to use CBDC for 2022 Winter Olympic Games

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Aug 25, 2020
  • China recently revealed plans to use its digital yuan during the 2022 Winter Olympic Games.
  • The coin has yet to see launch, but its expected use during the games shows that it is getting closer.
  • Details about the coin remain scarce, but it is known that tests are on-going, with the coin used in retail.

Ever since China has announced its CBDC, the world has been keeping a close eye on the country’s updates regarding the coin. There is still no news regarding the exact launch date, however, China did reveal one thing, and that is that it plans to use its CBDC during the Winter Olympic Games in 2022.

China’s CBDC to see launch by 2022

According to a recent report published by Reuters, the Chinese central bank, the People’s Bank of China, recently revealed new plans for its CBDC. The statement came from the PBoC’s head, Sun Guofeng, who noted that the coin will likely see launch before the Winter Olympic Games of 2022.

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Not only that, but the games, which are going to be held in Beijing, will see the use of digital yuan during the event.

As mentioned, China’s central bank has not given any real timetable for the coin’s launch, apart from this announcement.

Digital yuan development continues

There have been other indicators that China is making progress in regard to the CBDC’s development. One example came recently, when the bank revealed plans to expand the trials of digital yuan to more major areas.

The bank also noted that digital yuan is only being tested for small retail transactions. This statement was given after rumors that an individual in China purchased a property via CBDC, and that the new owner of the coins was not able to cash it out and acquire banknotes.

For the moment, there is little information about how the tests are performing, as most of the new updates come from PBoC itself. There is no certainty when it comes to the launch date, or even the use cases of the coin. However, China seems to definitely be making progress, and positive developments can only bring the launch of the coin closer.

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