As Wallebi reported previously, China is following up its digital yuan seriously. In fact, they launched the trial version of digital yuan in some provinces in China. Although they could get a good result from their pre-launch program, still they are looking for more opportunities in order to expand the project. In the latest news from cryptocurrency world, China uses digital yuan in 2022 winter Olympic games.
China is not the only country, which is trying to have its own CBDC. Other countries also are working to develop their own CBDC as well. What is clear is that very soon other countries, which did not take CBDC serious will force joining the others. The reason is that CBDC could be the next generation of national currency. Consequently, all countries are researching on how to have their own CBDC. Apparently China planned to expand the digital yuan further and this time they chose a different target.
China uses digital yuan in 2022 Winter Olympic Games
Although the official launch date is still unknown, people’s Bank of China announced that China planned to use digital yuan in the Winter Olympic Games in Beijing.
Sun Guofeng is the head of the monetary policy department at PBoC. Recently he told Reuters; the PBoC don’t have any specific date to launch and release digital yuan. But, they planned to use digital yuan in the Winter Olympic Games in 2022, in Beijing. It shows that digital yuan will be released sometime close to winter Olympic.
As we mentioned above, China is trying digital yuan in different provinces. Those consist of Shenzhen, Xiongan, Suzhou and Chengdu. The new plan is to roll out the digital yuan in other areas such as Tianjin, Beijing, Honk Kong’s Great Bay Area and Hebei.
The Bank of China also stated, they will test the digital yuan only for small transactions. In addition, they mentioned that digital yuan is pegged to fiat currency at a 1:1 ratio.
Although, it’s still too early to judge about China’s digital currency, China is making rapid progress toward the launch of the digital yuan.