- China’s central bank plans to use digital yuan at the 2022 Winter Olympic Games.
- The exact launch date of the digital currency remains unspecified.
- China is currently conducting trials of digital yuan across several provinces in the nation.
The People’s Bank of China (PBoC) is planning to use digital yuan at the 2022 Winter Olympic Games scheduled to take place in Beijing. Sun Guofeng, an exec at the central bank, noted that the digital currency's exact launch date is unclear. However, Guofeng said that China is likely to roll it out before the 2022 Winter Olympic Games as they plan to use it during the sports event.
China has been busy ramping up pilots for its digital yuan. The PBoC is currently conducting trials of its digital currency across Shenzhen, Suzhou, Xiongan and Chengdu. The central bank had earlier mentioned that it was only testing the digital yuan for small retail transactions.
The PBoC also clarified that the digital yuan was a legal tender that users can convert into banknotes at a 1:1 ratio. The bank made this statement in response to rumors about the inability to convert the digital currency into banknotes.
Follow us on Telegram
Stay updated of all the news
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.