China Plans To Enable Foreigners To Use Digital Yuan At The 2022 Winter Olympics

The Central Bank of China plans to provide an opportunity for foreign athletes and guests of the country to use CBDC during the Beijing Winter Olympics in 2022. Li Bo, deputy governor of the People's Bank of China, said the upcoming Winter Olympics could be the first test of China's central bank digital currency (CBDC) by foreign users.

The Central Bank spokesman said the People's Bank of China does not intend to replace the dominant position of the US dollar as the world's reserve currency. The People's Bank of China's goal is reportedly to provide the market with choice and facilitate international trade and investment.

Although the PBoC is focusing on the internal digital yuan, the Central Bank of China is still exploring the possibility of cross-border use of CBDCs. After launching its first domestic digital yuan tests in 2020, China piloted cross-border CBDCs in February in collaboration with the central banks of Hong Kong, Thailand and the United Arab Emirates. On April 1, the director of the PBoC research bureau, Wang Xin, announced that the Central Bank of China has completed the first cross-border digital yuan pilots with the Hong Kong Monetary Authority.

Image: BBC