Li Bo, deputy governor of the People's Bank of China (PBOC), said the country is seeking to enable athletes and foreign visitors to use the digital yuan during the Beijing Winter Olympics in 2022, indicating that it may be the first test of China's digital currency with international users.
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Li Bo added - in a statement today - that the aim of using the digital yuan or the electronic Chinese yuan is not to replace the dominance of the US dollar in the international arena, as the People's Bank of China (PBOC) had begun searching for the digital yuan in 2014, and recently launched a number It is a pilot project across China that allows city dwellers, including Shenzhen and Beijing, to test currency with retailers.
He continued: The Chinese central bank will include more cities to test the digital yuan, stressing that there is no timetable yet for launching that currency nationwide, but the People's Bank of China needs to increase the scope of its experimental projects and strengthen the technological infrastructure that supports the digital currency.
This comes at a time when several commentators have suggested that the Chinese digital yuan could be a way to challenge the US dollar as the global reserve currency, so the People's Bank of China is working with other central banks - including those from Thailand, the United Arab Emirates, and Hong Kong - To explore the use of the digital yuan in cross-border trade.
Source:
gate.ahram.org.eg
