26 August 2020 13:46, UTC

Anna Martynova

According to a Reuters article, Sun Guofeng, head of the monetary policy department of the People’s Bank of China, said the bank has no timetable for implementing the digital currency. However, there is a possibility that the bank will launch it before the 2022 Winter Olympics, as it plans to use the digital yuan during international sporting events.

China’s Central Bank is currently testing its digital currency in Shenzhen, Suzhou, Xiongan and Chengdu. In a recent official statement, the bank noted that the digital yuan has been tested for small retail transactions. Thus, denying rumors about the impossibility to convert digital currency into banknotes, the Central Bank clarified that the digital yuan is legal tender, and users can convert it into banknotes in a 1:1 ratio.

Currently there is still too little information on China’s digital currency to be sure about its launch and use cases, it is already becoming apparent that the regulator is moving at an accelerated pace towards the launch of the digital yuan.

Image by Bleacher report

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