Digital Yuan could be released at Beijing 2022 Winter Olympics

2022-01-10 区块链达人

The governor of the People’s Bank of China (PBOC), Yi Gang, spoke about China’s digital currency, the digital Yuan. Gang said in the interview that the PBOC still does not have a date for the official launch of the CBDC (central bank digital currency). The interview was conducted at the “Two Sessions”, an annual conference of a 2,000-member advisory body and the National People’s Congress.

The CBDC could face its biggest test before its launch in two years’ time. The PBOC Governor outlines that the digital Yuan could be used during the Beijing 2022 Winter Olympics. That way, PBOC will be able:(…) to verify theoretical reliability and system stability. Gang added, ‘conducive to efficiently satisfying the public’s demand for legal currency under the conditions of the digital economy’.

Although the US hasn’t put Chinese financial firms and institutions onto its Entity List, the US may still pose widespread threats to Chinese institutions and impact the yuan’s standing in international settlement. In this regard, China’s state-run digital currency may be rolled out sooner than expected to counter a possible US block.

Author : Reynaldo