China is reportedly on course to release the much-anticipated digital yuan in time for it to be used at the Beijing 2022 Winter Olympics.
According to Eastmoney, experts familiar with the digital yuan project claim there is a “long way to go” before an official launch, but that it is still likely that the People’s Bank of China will release the central-bank digital currency (CBDC) before the start of the Games on February 4 2022.
It would likely be the first CBDC launched by an economic superpower.
A CBDC involves using blockchain technology to represent a country’s official currency, meaning it is regulated by a central bank unlike popular existing cryptocurrencies.
It is expected that the Winter Olympics will draw a large number of domestic and foreign spectators, as well as thousands of athletes and officials, driving up the demand for payment services in the Chinese capital.