People’s Bank of China Mulling Over Using Digital Yuan At Winter Olympic Games 2022

Coming as the latest development in the cryptosphere, the People’s Bank of China is mulling over using its digital currency at the 2022 Winter Olympic Games to be held in Beijing.

As per a Reuters report, the head of the monetary policy department at People’s Bank of China, Sun Guofeng, mentioned that the bank does not have a timetable for the rollout of the much-awaited virtual currency. Nevertheless, going by Sun’s statement, People’s Bank of China is expected to unveil it prior to the 2022 Winter Olympic Games as they propose to use the digital currency throughout the international sports event.

The news comes as the country is levelling up trials for the digital yuan. Currently, the central bank of China is steering pilots of its virtual currency across various internal regions of the nation.

Even though there is still too diminutive data about China’s virtual currency to conclude anything with conviction about its introduction and use cases, it is pretty apparent that the central bank is making quick advancement toward the inauguration of the digital yuan.