China’s digital yuan inches closer for use in the 2022 Olympics

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Foreign athletes and guests at the 2022 Beijing Winter Olympics will have the chance to access and use the Digital Currency Electronic Payment (DCEP) of the People’s Bank of China.

According to a CNN report, People’s Bank of China Deputy Governor Li Bo, while speaking at China’s Boao Forum for Asia, said that the country’s Digital Yuan has seen a wide success rate after piloting in various cities including the venue for the upcoming global sports event.

China has made great strides in its Central Bank Digital Currency pursuits as it has conducted pilot tests in major cities including Beijing, Shenzhen and Suzhou.

Nothing to do with U.S. dollar dominance

Li assured that the plan of the People’s Bank of China is not meant to threaten the dominance of the U.S. dollar on the international stage but to promote the development of its domestic payment and cashless economy.

“For the internationalization of Renminbi, we have said many times that it’s a natural process, and our goal is not to replace US dollar or any other international currency,” Blockchain News quoted Li as saying.

The Chinese official also told attendees at the business conference, which was held in China’s Hainan province, that their objective was to “allow the market to choose.”

Leading the charge

Other nations such as Sweden are catching up with China in their own stages of CBDC development.

The United Kingdom recently announced the creation of its own CBDC Taskforce comprised of the HM Treasure and the Bank of England. The UK government noted, however, that it has not decided yet when it will officially issue a Digital Pound.

The task force said it will conduct studies and develop the right use cases in preparation for the possible launch of its Central Bank Digital Currency.

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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