Digital Yuan ready for the Beijing Olympic Games in 2022

The chinese central bank could issue its CBDC, a Digital yuan, on the occasion of 2022 Winter Olympics. The China in the meantime is about to test a mobile app for the storage and exchange of electronic money.

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1 The chinese central bank could issue its CBDC, a Digital yuan, on the occasion of 2022 Winter Olympics. The China in the meantime is about to test a mobile app for the storage and exchange of electronic money.

1.1 Full-scale test for the 2022 Olympic Games

1.2 A mobile wallet experienced in 4 Chinese cities

1.3 Related posts:

According to a report from the Bank for International Settlements, 20% of central banks plan the issuance of a regulated digital currency, a CBDC, over the next 6 years. And the China seems more and more determined to impose itself in this sector of innovation.

Chinese public television channel CCTV even suggests a timetable for the launch of a digital yuan. Quoting an official from the People's Bank, she announces a possible use on the occasion of 2022 Winter Games.

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Full-scale test for the 2022 Olympic Games

This world sporting event must indeed be held in Beijing. The perfect opportunity for a State to display its power in the technological field. China also announced on Monday that the blockchain was now part of its digital strategy, like AI and the cloud.

However, the official announcement of a calendar for the’E-yuan is still waiting. Several signals confirm, however, the ambitions of the superpower in this sector. The source questioned by CCTV adds that several banks are currently conducting tests.

Owned by the Chinese state, these banks thus realize in-house experiments around digital currency. These tests are organized in four cities of the country: Shenzhen, Suzhou, Xiong’an and Chengdu.

Reports in the local press last week also suggested that city workers in Suzhou may receive their transportation allowance in digital form in May.

A mobile wallet experienced in 4 Chinese cities

Last element accrediting the hypothesis of a acceleration of the digital currency project in China: the development of a mobile app dedicated. Screenshots first circulated on social media.

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The Bank of China has since had to react. It thus recognized upcoming tests of a mobile application intended for the storage and exchange of a e-yuan. This app belongs to the pilot driven by the State in the four cities involved.

Rumors regarding the DECP on the internet are part of the test in our research and development process and that doesn't mean that the digital yuan has been officially launched, "said a statement from a director of the Chinese Institute of Digital Currencies in a statement.