China plans to use its CBDC at the 2022 Winter Olympics.

The People's Bank of China plans to use the national digital currency dubbed DCEP at the 2022 Winter Olympics scheduled to take place in Beijing.

The People’s Bank of China is planning to use the national digital currency at the 2022 Winter Olympics Game that will take place in Beijing, China. Sun Guofeng, an executive at the PBoC, noted that the digital currency’s exact launch date is unclear as of now. However, Guofeng said that China is likely to roll it out before the 2022 Winter Olympic Games as they plan to use it during the sports event. 

 

Chinese regulators expand the testing of DCEP to new cities. 

China’s Ministry of Commerce had earlier announced to expand tests of national digital currency DCEP to more cities to determine how the network handles high-volume commercial transactions. The test aims to determine whether the platform can candle high-volume commercial transactions for verticals, including hospitality and e-commerce payment processing. The Ministry of Commerce recently published a detailed plan for testing the digital currency in three main financial and political hubs in the country. The cities where the DCEP is being tested include Jiangsu, Zhejiang and Anhui, Beijing, as well as the Hong Kong-Macau-Guangdong Greater Bay Area. 

 

Central banks across countries continue to explore CBDCs. 

CBDCs are being explored across countries, with 80% of the world’s central banks believed to be investigating their potential. A new report from the Bank for International Settlements (BIS) shows that momentum behind central bank digital currencies (CBDCs) has truly taken off this year amid the pandemic. The BIS report revealed that in 2020, worldwide internet searches for CBDCs surpassed searches for Bitcoin BTC and Facebook’s Libra. Central banks of many countries are actively working on their CBDCs while some are exploring the potential benefits of having a national digital currency. 

The PBoC is currently conducting trials of its national digital currency across Shenzhen, Suzhou, Xiongan, and Chengdu. The central bank had earlier mentioned that it was only testing DCEP for small retail transactions.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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