Report: China’s CBDC Test Could Include 2022 Winter Olympics

 

 

 

Chinese state-controlled media outlet CCTV recently reported that the country’s central bank digital currency trial could include its use at the upcoming 2022 Winter Elections. That trial would apparently be in addition to the CBDC’s current testing in the Chinese cities of Chengdu, Shenzhen, Suzhou, and Xiong'an New District.

The current trials are being conducted by state-owned banking institutions in those four cities and are part of an effort by the People’s Bank of China to test its technology, evaluate features, and optimize the CBDC for eventual widespread issuance. According to reports:

The digital RMB system has basically completed the top-level design and standards under the premise of double-layer operation, currency (M0) substitution in circulation, and controllable anonymity Formulate, function research and development, joint debugging and testing, and follow the principles of stability, safety, controllability, innovation and practicality.

The XXIV Olympic Winter Games are currently scheduled to begin in early February 2022. The games will be hosted in Beijing and several towns in Hebei province.

 

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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