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China wants foreigners to be able to use the digital yuan at the 2022 Winter Olympics

The Chinese central bank aims to enable foreign athletes and visitors to use the country’s digital currency during the 2022 Beijing Winter OlympicsAccording to a senior central bank official.

Li Bo, Vice Governor of the People’s Bank of China, He said the upcoming Winter Olympics could be the first test of the Chinese Central Bank’s (CBDC) digital currency by foreign users.

“For the upcoming Beijing Winter Olympics, we intend to make the e-CNY available not only to domestic users, but also to international athletes and similar visitors.”Li said Sunday at a CNBC panel at the Boao Asia Forum. The bank had already announced that it would test the digital yuan at the event in August 2020..

China wants foreigners to be able to use the digital yuan at the 2022 Winter Olympics
China wants foreigners to be able to use the digital yuan at the 2022 Winter Olympics

The official said the PBoC did not intend to replace the dominance of the US dollar as the world’s reserve currency.Li reportedly found that the central bank is focusing on the domestic use of the digital yuan.

As for the internationalization of the renminbi, we have often said that it is a natural process and that our goal is not to replace the US dollar or any other international currency. I think our goal is to give the market choice and facilitate trade and international investment?he stated.

Despite the PBoC’s focus on the national digital yuan China’s central bank is still investigating the cross-border use of CBDC.TO “At the same time, we are working together with our international partners. Hopefully we will also have a cross-border solution in the long term.”Li said. At the forum, the executive also said that China’s central bank is now viewing the large cryptocurrency Bitcoin (BTC) as an “investment alternative”.

After the start of the first national trials with digital yuan in 2020 China launched cross-border CBDC pilot projects in February 2021 in collaboration with central banks in Hong Kong, Thailand and the United Arab Emirates. On April 1, the director of the PBoC Investigation Bureau, Wang Xin, announced that the Central Bank of China has completed the first cross-border digital yuan pilot projects with the Hong Kong Monetary Authority.

The Chinese authorities have repeatedly stressed that the government is not trying to replace existing fiat currencies, including the US dollar, with the digital yuan.“We are not like Libra and we have no ambition to replace existing currencies,” he said. Zhou Xiaochuan, President of the China Finance Association and former Governor of the PBoC, in late 2020.

As previously reported by Cointelegraph, Â The US has approached CBDCs cautiously because of the status of the US dollar as the world’s reserve currency and other CBDC-related challenges such as privacyThe European Central Bank also decides whether Europe needs a digital euro, and the President of the ECB, Christine Lagarde expects the digital currency to be launched in at least four years.

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