China Central Bank: New digital currency will be ready for use in 2022 Winter Olympics
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Answer China Central Bank: New digital currency will be ready for use in 2022 Winter Olympics
The crypto community is waiting for the People’s Central Bank of China to launch its previously announced digital currency.
Recently, according to the Chinese central bank, the digital currency could be used in the 2022 Winter Olympics event.
China’s state-owned television network reported CCTV Last Sunday news, quoting a “responsible relevant person” from the Central Bank’s Cryptocurrency Research Institute, said the 2022 Olympic event is scheduled to take place in Beijing and the Chinese digital currency will be used during it.
The mention of the event refers to the launch schedule of the digital currency, perhaps by mid-2021, the central bank has not officially provided a clear and precise timetable for the launch of the digital yuan.
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The person concerned also confirmed that some state-owned banks are conducting internal tests of the digital currency in four cities of Shenzhen, Suzhou, Xiongan New Area, and Chengdu.
Last week, it emerged that the Agricultural Bank of China and the Bank of China have released an experimental phone app that supports the digital currency of the People’s Bank of China (which is itself the central bank).
The People’s Bank of China further confirmed that the current research and development of the digital yuan is progressing steadily, and also said that internal tests will not affect banks’ business operations, yuan issuance, trading system and financial markets.
Last week, reports emerged that Suzhou Municipal Government employees will receive 50% of the transportation subsidy in May in digital yuan.
Another report released by China Daily today stated that the digital currency will be based on the blockchain and a traditional centralized structure for the mechanism and money management.
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China’s central bank begins its first trial phase to launch the awaited new digital currency
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