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It is therefore quite possible that the PBoC has decided to continue with the tests, probably with a view to extending them to different uses than those tested so far.įrom purchasing luxury goods to ride-hailing, Chinese citizens can now use Alipay and WeChat to make electronic payments outside of China by showing a QR code on their phones. they have not yet been extended to scenarios that require large volume transactions. However, despite the fact that the ongoing tests would not have generated any particular problems, Sun’s words sound a bit like a postponement, as if they had decided to take more time for field testing.įurthermore,yesterdayit was discovered that the current tests are focused only on small retail transactions, i.e. China, testing in progress but unclear timeframe for the digital currencyĪfter all, although thetests have been going on for several months now, the PBoC never wanted to reveal the planned launch date, probably because, as Sun confirmed, this date has not yet been decided. Reuters reveals that Sun has stated that the PBoC has not yet decided when it will launch its CBDCon the market, but that it is likely that the launch will take place before the 2022 Winter Olympics, since the intention is to use it during the sporting event.Īt first, when the field tests were announced, it was thought that the Chinese DC/EP (Digital Currency / Electronic Payments) could be launched on the marketas early as 2020, but these new statements by Sun suggest that it may take longer. This is reported byReuters, citing the head of the monetary policy department at the People’s Bank of China (PBoC), Sun Guofeng, as a source. Digital currency push winter olympics visanĬhinaplans to use its new digital currency during the Winter Olympics in Beijing in 2022. The country has been developing a digital form of its sovereign currency since 2014, issued by its central bank, the People’s Bank of China (PBOC). The Olympic games may have functioned as a staging ground for foreign individuals from around the world to adopt China’s digital currency. Experts warned of the Chinese Communist Party’s centralized control, both at home and abroad.Ī digital currency will empower the regime’s control over its populace, especially dissenters, as all future financial transactions would leave an easy-to-monitor, digital paper trail. Digital currency push winter olympics visameĪs China’s debut of its digital currency draws to a close in tandem with the 2022 Winter Olympics, the regime’s crypto ambitions remain in place. Amid the pandemic, however, China had to limit admission to the Games. The Winter Games have been set up as a great opportunity for China to promote e-CNY.

China’s central bank advocates the principle of “anonymity for small payments” and “minimum collection of personal information.” In China, however, principle and practice are often different. There are also concerns that what and where people buy can be tracked by Chinese authorities. “WeChat Pay seems to be enough,” said a reporter who belongs to China’s state-run media. Those apps also have many other features, giving users few reasons to opt for using e-CNY just for payments. Digital currency push winter olympics visair It preferred, instead, to leave the decision to a divided Congress.Įffectively, a digital dollar is some years away.Ĭhina, meanwhile, has been exploring digital currencies since 2014 and has ran several trials of its Digital Currency Electronic Payment (DC/EP) – the formal name for the digital yuan. Meanwhile, the US Federal Reserve’s January white paper highlighted the pros and cons but didn’t ultimately take a position. The UK launched a taskforce in April 2021 to examine the viability of launching a CBDC, although the House of Lords stated last month there wasn’t a convincing case for one. Participants of the 2022 Games, including international athletes, coaches, and media, spent at least 2 million yuan ($315,761) a day in digital currency, said Mu Changchun, the top official at the Chinese central bank.Įconomic giants such as the US and UK, however, are lagging behind – despite expressing keen interest in pursuing CBDCs. “By promoting e-CNY to an international audience,” said Corr, “Beijing is trying to socialize its currency as something new and innovative to encourage the global public to take it up.”

Beijing digital currency push at winter olympics puts visa in a bindĭigital currency push winter olympics visairĭigital currency push winter olympics visameĭigital currency push winter olympics visanĬhina, testing in progress but unclear timeframe for the digital currencyĪuthorities banned both tech-firm-run competitors WeChat and Alipay in the Olympic Village during foreign athletes’ stay, limiting transactions to cash, Visa cards, and e-CNY.