- China’s central bank plans to use the digital yuan in the 2022 Winter Olympics.
- The exact launch date of the digital currency remains undetermined.
- China is currently conducting digital yuan trials in several provinces around the country.
The People’s Bank of China (PBoC) plans to use the digital yuan during the 2022 Winter Olympics in Beijing. Sun Guofeng, a central bank executive, noted that the exact launch date for the digital currency is unclear. However, Guofeng said China will likely deploy it before the 2022 Winter Olympics, as they plan to use it during the sporting event.
China has made efforts to set up pilot projects for its digital yuan. The PBoC is currently conducting trials of its digital currency in Shenzhen, Suzhou, Xiongan and Chengdu. The central bank previously mentioned that it was only testing the digital yuan for small retail transactions.
The PBoC also clarified that the digital yuan is legal tender that users can convert into banknotes at a ratio of 1: 1. The bank made the statement in response to rumors about the inability to convert digital currency into Bank notes.