China Already Planning To Use Digital Yuan At 2022 Winter Olympics

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Internal pilots of China’s official cryptocurrency are in progress in multiple cities, and there are intentions to use the digital currency at Beijing’s Winter Olympic Games in 2022, Reuters reported.

The head of the People’s Bank of China’s (PBOC) monetary policy section, Sun Guofeng, said the experimental efforts are underway in Suzhou, Shenzhen, Chengdu and Xiongan, according to the report. Guofeng also said during a press conference that the PBOC would not make modifications to its monetary policy approach nor its flexible policy course.

Sun said per the report, “To cope with all sorts of uncertainties, the monetary policy requires greater certainty.”

He noted that the country has not used negative or zero interest rates or different kinds of unconventional approaches.

The news comes as Global Times recently reported that PBOC has said an experiment of a central bank digital currency (CBDC) has been geared toward small retail transactions — and has not encompassed large-volume transactions.

“At its current stage, the test’s primary goal is to ensure the digital currency’s operation runs smoothly and safely and to determine how DCEP [digital currency electronic payment] is distributed from the central bank to financial institutions,” Wang Peng, a Renmin University assistant professor, said in the Global Times report.

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