- Chain is planning to test digital yuan with foreigners in the 2022 Winter Olympics.
- The digital yuan currency is not necessarily intended to replace the USD dominance.
According to Li Bo, Deputy Governor of People’s Bank of China (PBOC), China is working harder to increase its digital yuan exposure to foreign athletes and visitors in the upcoming Beijing Winter Olympic Games.
However, China has not yet given an actual date for the digital yuan launch. Li notably said that despite this, the People’s Bank of China wanted to conduct a lot more pilots.
Based on a report, Li said that, if it happens, this will be the first time in history that China is enabling foreigners in the digital yuan test.
About the digital yuan testing, Li said,
Our focus again is that we want to establish a very solid domestic e-CNY first, and build up a healthy ecosystem. At the same time, working with our international partners. Hopefully, in the long term, we will have a cross-border solution as well.
Prior to this upcoming testing, the PBOC has already tested digital yuan in many areas in China. Several cities including Shenzhen and Suzhou have also tested the digital yuan many times.
Even so, financial institutions also built supportive mobile applications and hardware wallets to run the digital yuan test.
In addition, Li added that China did not bring the digital yuan to compete with the USD; rather, it will be used for domestic purposes.