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China to Expedite CBDC Launch for 2022 Winter Olympics

China to Expedite CBDC Launch for 2022 Winter Olympics
  • China hopes to accelerate digital yuan implementation in time for the City of Beijing’s Winter Olympic Games.
  • Beijing’s Microchip Blockchain, Edge Computing Research Institute, and the People’s Bank of China have partnered to promote digital yuan use.

China aims to officially launch its Digital RMB in time for the upcoming 2022 Winter Olympic games. At the moment, China has yet to reveal the exact date at which it will launch the digital yuan.

However, China hopes to achieve this goal along with the overall tech it intends to use during the Olympics.

Tech firms like Beijing’s, Edge Computing Research Institute, and the People’s Bank of China have joined to promote digital yuan use. Also, the partners aim to promote the yuan on China’s blockchain software called Chang’an Chain.

The Chinese local government recently held a series of tests for the digital yuan currency. These tests took place to prepare for Beijing’s Winter Olympic event.

Rationally, China had the tests one at a time to compete with the central bank digital currencies (CBDCs) arms race. Apart from the digital yuan’s ability to compete with other currencies, its mass adoption has also been considered. The Chinese government has even launched various events to give away the digital yuan.

China seems to be pushing so hard for its use of blockchain tech, to be precise. Looking at its effort, China aims to explore blockchain and make it a core technology. In fact, the country might use the tech for its global data transfers, currency issuance, and financial settlements.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.