China to use its digital yuan in the 2022 Winter Olympics
- 27th August 2020
- Posted by: Hakeem
- Category: CryptoCurrency
- China’s central bank plans to use digital yuan at the 2022 Winter Olympic Games.
- The exact launch date of the digital currency remains unspecified.
- China is currently conducting trials of digital yuan across several provinces in the nation.
The People’s Bank of China (PBoC) is planning to use digital yuan at the 2022 Winter Olympic Games scheduled to take place in Beijing. Sun Guofeng, an exec at the central bank, noted that the digital currency’s exact launch date is unclear. However, Guofeng said that China is likely to roll it out before the 2022 Winter Olympic Games as they plan to use it during the sports event.
China has been busy ramping up pilots for its digital yuan. The PBoC is currently conducting trials of its digital currency across Shenzhen, Suzhou, Xiongan and Chengdu. The central bank had earlier mentioned that it was only testing the digital yuan for small retail transactions.
The PBoC also clarified that the digital yuan was a legal tender that users can convert into banknotes at a 1:1 ratio. The bank made this statement in response to rumors about the inability to convert the digital currency into banknotes.