In another fantastic news coming from the crypto world, it is being said that China is ready to use its digital version of Yuan in the Winter Olympics in the year 2022. If the news is real, the blockchain technology and the development of digital currency has increased its pace, especially in a regressive country like China. Although the details of the launch and the way it will be managed is still not exact, it can be seen that China is moving towards the use of digital currencies and blockchain technology.
What’s the buzz?
As per the news, the People’s Bank of China is trying to introduce its digital currency in the Chinese market by the end of 2022, and it is almost confirmed that the new digital currency will get its introduction in the Winter Olympics in 2022.
A Reuters report said that the head of the monetary policy in China has still not decided about the timeline of the roll-out of the digital currency. But, the report claimed that it is sure that the money will be rolled before the Winter Olympics game begins so that the cash can be easily used during the Winter Olympics.
The news is spreading like fire all around the world as the most regressive country of the world has decided to roll out the digital version of Yuan. When this article is written, the Central Bank of China is conducting different types of trials for the roll-out of the digital Yuan. As confirmed by the central bank, the digital version of Yuan is put to practice in the regions of Beijing, Tianjin, Hebei, and Hong Kong’s more significant Bay areas.
What’s the detailed statement?
As per the statement made by the Central Bank of China, it has been said that they are presently testing the digital Yuan for only small transactions and not for biggest transactions. As different rumours spread in the market, the Bank official also clarified that the digital Yuan would be a legal tender and it can be easily converted into banknotes at the ratio of 1:1.
Although not much has been explained about this plan and roll-out of digital Yuan by the Chinese government, the crypto world is welcoming this step by China. The launch date and the use case of the digital Yuan are still not clear, and we can just wait and watch the effectiveness of this step taken by China.