After going through the various stages of development, China’s Central Bank Digital Currency (CBDC) known as Digital Yuan is currently going through its testing phase and is being tested by the People’s Bank of China (PBoC) in different major cities across the country including the capital city Beijing. Now, the People’s Bank of China is considering using its digital Yuan in Beijing at the 2022 Winter Olympic Games.
China May launch Digital Yuan before 2022
According to a report from Reuters, the People’s Bank of China has revealed its plan to use its central bank digital currency at Winter Olympic Games which are supposed to be held in 2022 in Beijing.
China has not so far officially given any update on the launch date of its central bank digital currency. However, it will be rolled out very soon. As the People’s Bank of China has plans to use its digital Yuan at the international sports event such as the Olympic Games then it means that the central bank of China will launch it before this sport event.
Most likely, it seems clear that the Chinese central bank is expected to launch the central bank digital currency before the year 2022. While talking about this, the Head of the Monitory Policy Department at the People’s Bank of China Sun Guofeng said that there has been no timetable scheduled by the central bank for the launch of the digital Yuan at the moment.
This news has come at the time when the different trials of digital Yuan are being conducted by the central bank of China in various major cities all across the country. Recently, the bank announced to expand the trials of its CBDC to other cities such as Beijing, Hebei, Greater Bay Area of Hong Kong, and Tianjin.