Digital yuan may be used at the 2022 Beijing Winter Olympics A spokesman for the Digital Currency Research Institute of the People's Bank of China commented on the latest media reports on the progress in developing the digital yuan. According to him, the development work on the creation of such a currency is "progressing steadily." Local edition Bi Shi Jie writes about this with reference to China Central Television.

Digital yuan may be used at the Beijing 2022 Winter Olympics

A spokesman for the Digital Currency Research Institute of the People's Bank of China commented on the latest media reports on the progress in developing the digital yuan. According to him, the development work to create such a currency is "progressing steadily.".

The local publication Bi Shi Jie writes about this with reference to China Central Television..

Initially, closed-door pilot testing will take place in Xiong'an, Suzhou, Chengdu and Shenzhen. In the future, the functionality of the digital currency will be adapted for use at the Winter Olympic Games, which will be held in Beijing from February 4 to 20, 2022.

Earlier, the Xinhua news agency reported that Beijing has to solve a non-standard task - to hold the winter games just six months after the summer. Summer Olympics in Tokyo has been postponed to July-August 2021 due to the coronavirus pandemic.

The representative also confirmed that the technical implementation of the project, in compliance with the requirements for controlled anonymity, stability and security, is almost complete. The same information was quoted by the Global Times in March with reference to insiders..

At the same time, he stressed that all the information disseminated now relates exclusively to testing the digital yuan and does not imply the beginning of its official use. Ongoing operations will not affect the commercial activities of the institutions involved in the testing, nor will they affect the emission and circulating volume of the yuan, financial markets and the social economy outside the simulation.

Earlier it was reported that the digital yuan could be used to pay transport subsidies to civil servants in Suzhou as early as May.

 

 

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