The People’s Bank of China has said it intends to make it possible for foreign athletes and visitors to use the digital yuan at the 2022 Beijing Winter Olympics.
China’s central bank is seeking to allow foreign athletes and foreign visitors to use the country’s digital currency at the 2022 Beijing Winter Olympics.
Kvyntlgraf writes Li Bo , vice president of People’s Bank of China, said the upcoming Winter Olympics may be the first test of outsiders using the digital currency’s Bank of China CBDC turn.
“For the upcoming Beijing Winter Olympics, we are trying to make the digital yuan available not only to domestic users, but also to athletes and international visitors,” the vice president of the People’s Bank of China told CNBC on Saturday.
The People’s Bank of China had previously announced in August 2020 that it planned to use the digital yuan at the Beijing Winter Olympics.
Li Bo added that the People’s Bank of China does not intend to replace the US dollar with the digital yuan as the world’s reserve currency.
He reportedly said that the People’s Bank of China is focusing on the domestic use of digital yuan.
“We have said many times about the internationalization of the renminbi that this is a natural process and we do not intend to replace our digital currency with the US dollar or any other international currency, ” said the vice president of the People’s Bank of China .
“I think our goal is to allow the market to select and facilitate international trade and investment.”
Despite focusing on the domestic digital yuan, the People’s Bank of China is still considering finding a way to use the CBDC digital currency outside the country.
“At the same time, in working with our international partners, we hope to find a solution for cross-border use in the long run,” Li Bo said.
According to Li, the People’s Bank of China is now looking at large Bitcoin cryptocurrencies as an alternative to investment.
Following the launch of the first digital yuan tests in 2020, China began piloting the international version of the CBDC in February 2021 in cooperation with central banks in Hong Kong, Thailand, and the United Arab Emirates.
April 1, 2021 (April 12, 1400), Wang Xin , director of the People’s Bank of China Research Office, announced that the country’s central bank has completed the first test of cross-border use of digital yuan with the Hong Kong Monetary Authority.
Chinese officials have repeatedly stressed that the Chinese government is not seeking to replace current Fiat currencies such as the US dollar with digital yuan.
For example, Zhou Shauchuan , chairman of the China Investment Association and former chairman of the People’s Bank of China, said in late 2020:
“We are not like Liberia and we do not intend to replace the current currencies.”
It has previously been reported that the United States has taken a cautious approach to digital currency production due to the dollar’s position in global markets and privacy issues.
In addition, the European Central Bank is still examining the situation to decide whether Europe needs a digital euro. European Central Bank President Christine Lagarde expects it to take four years to start using digital euros as soon as possible.
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