Media: China to use digital yuan at the 2022 Winter Olympics

China plans to use its national digital currency at the 2022 Winter Olympic Games. Reuters reports, citing Sun Guofeng, head of the central bank’s monetary policy department.

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Sun Guofeng, director of the People’s Bank of China’s monetary policy department, said that the central bank has not yet set a firm launch date for the digital yuan. He noted that the coin should go into circulation before the Beijing Games open on February 4, 2022, as the regulator intends to deploy the digital currency during the event.

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Meanwhile, the Chinese publication Global Times, citing the PBOC, refuted rumours that the digital yuan was being tested in large real estate deals in Shenzhen. According to the central bank, the trials are currently limited in scope and cover only retail transactions.

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At the end of July, the central bank enlisted more than 20 companies to test the digital yuan in real-world conditions. Among them were one of the country’s largest taxi aggregators and China’s Delivery Club analogue.

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In mid-August authorities presented an expanded list of regions that will take part in the full-scale tests.

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Last week the Ministry of Commerce of the PRC announced an expansion of the digital currency tests to large commercial transactions. The testing will cover all levels of the sectors, including the hospitality industry and online payments processing.

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