Digital yuan News: According to reports in Chinese media, China may be ready to officially launch the digital yuan as a fully operational central bank digital currency (CBDC) after the Beijing Winter Olympics in early 2022.
Countdown to digital yuan
The reports come as all six state-owned Chinese banks are launching incentive programs to encourage staff to introduce the digital yuan to customers.
According to Shanghai Securities News, a report released by Shanghai University in April stated:
“The People’s Bank of China has a clear design for the digital currency, the technical readiness and the local environment are more mature. It is expected to officially land nationwide after the completion of the Beijing Winter Olympics test.”
In an interview with China Daily, Li Lihui, the ex-president of the People’s Bank of China, said:
“The 2022 Winter Olympic Games in Beijing will likely be an exit stage for China’s digital currency,” and “some entry points in Guangdong province – such as the cities of Shanghai, Beijing and Guangzhou – are expected to be ready for extensive use of digital RMB payments during the games.” .
According to the newspaper’s report, Lihui told China Daily that the 2022 Games are “filled with confidence” that “it will be a milestone or a turning point for the digital RMB.”
A report in Shenzhen Chain Finance News quotes a “state-owned banker” who said that at least one of the banks “includes the mandate of promoting digital currency in employee evaluation.”
The newspaper noted that the Industrial and Commercial Bank of China and the Bank of Communications are embarking on “major promotional efforts” to encourage their customers to open a digital yuan wallet.