China seems to be targeting the 2022 Winter Olympics as a showcase for their new nation’s pride – The Digital Yuan. The Middle Kingdom is hoping to show the global audience how fast and effective its new payment system is.
Beijing is set to host the next Winter Games, scheduled to launch on February 4, 2022. And even though the central People’s Bank of China (PBoC) is yet to publish a date for the digital yuan’s rollout, the PBoC-issued token is now in next-level testing at several sites, particularly in venues in the capital that are affiliated with the Olympics.
Through Beijing Business Today (via Eastmoney), specialists knowledgeable with the digital yuan plan have stated that there is “still a long way to go” before the token gets its official launch date. There is a feeling that the PBoC will have the token ready in full action well before the Olympic flame is lit in Beijing on the mentioned launch schedule.
In previous months, the media outlet remarked that PBoC and other administrators have “repeatedly mentioned the promotion of digital RMB-related Winter Olympics pilot applications,” and said digital yuan tests are “in full swing” at designated Olympic locations.
The media outlet cited a financial sector authority affirming that China anticipates the Winter Olympics to draw in many domestic and foreign athletes and viewers, driving up the demand for payment services in the capital.
According to the report, the PBoC sees this as a chance to build a payment service environment that will provide the digital yuan with its first actual real-world test globally, with the chance for mass cross-border transactions including assorted payment providers and banking platforms from all over the world.
A financial markets analyst was quoted as adding that the digital RMB application for cross-border payments during the Winter Olympics “will help accelerate the global promotion” of the digital currency.
Placing the digital RMB for global users to the test at hotels, restaurants, stadiums, and other facilities, the PBoC seems to believe, will help dazzle possible adopters of its token, which it hopes will eventually make significant waves on the international arena. Likely even reduce Asia’s dependency on the USD in foreign trade deals.