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China to implement its digital currency at the Winter Olympics Games

on Aug 31, 2020
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  • Officials from the PBoC indicated that China plans to use the digital yuan at the Winter Olympic Games.
  • The Chinese government is making rapid progress towards the official launch of its digital currency.
  • China aims to provide exposure to the digital yuan by giving it a platform like the Winter Olympic Games.

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China wants to use its newly developed currency at the Winter Olympics Games in the coming years. The digital currency has become the center point of focus for the Chinese authorities since the cryptocurrency ban.

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After Xi Jinping’s speech on the importance of blockchain and its use cases, the Chinese authorities have been working full-time to develop their currency as an alternative to other cryptocurrencies. While the details about the official launch date of the digital currency remain unknown, China is keen on making it the new norm.

In an interview with Reuters, Sun Guofeng, the head of the monetary policy department at People’s Bank of China claimed that China has not decided on a specific date for the official rollout but they plan to launch it before the Winter Olympics Games 2022.

As per the reports, China is conducting the first trial of digital currency in the province of Shenzhen, Suzhou, Xiongan, and Chengdu. Though for many, these locations are quite specific so the PBoC is set to expand its pilot tests across Honk Kong’s Greater Bay Area, Tianjin, Beijing, and Hebei.

Not only with as many destinations in function, will the probable outcome be rapid but the Chinese citizens in the respective region will get familiar with its use cases.

Besides, the PBoC stated that digital currency will be limited to smaller retail transactions. The bank in response to futile rumors concerning the incapability to convert the digital yuan said that it is a legal tender and the users can exchange it at the ratio of 1:1.

Currently, not much can be said about the launch and its use cases, however, the obvious thing here is that China is determined to push its digital currency to new levels.

Crypto World