China’s Digital Currency Could be Used in 2022 Winter Olympics
China’s central bank, the People’s Bank of China (PBoC), has said its digital currency could be used in the 2022 Winter Olympics. The state-owned television network CCTV reported, citing a “relevant person in charge,” which also confirmed some state-owned banks are conducting internal tests of the digital currency in the cities of Shenzhen, Suzhou, Xiong’an, and Chengdu.
Last week, reports surfaced revealing the Agricultural Bank of China was releasing mobile test apps supporting the digital currency. The source also noted that current research and development of the PBoC’s digital yuan equivalent is steadily advancing and that the internal tests won’t affect the commercial operations of banks, the issuance of new yuan, and financial markets.
The mention of the 2022 Winter Olympics hints the PBoC may be looking to launch the digital currency by next year, although no official timetable on its rollout has been released.
