October 24, 2021

ChineseNews

From native P.o.V.

China intends to open up digital Yuan for foreign tourists to try out during the 2020 Beijing Winter Olympics

2 min read

The Boao Forum for Asia is being held. Li Bo, deputy governor of the People’s Bank of China, said at the forum that he intends to allow foreign tourists to use digital Yuan during the 2022 Beijing Winter Olympics. This will be the first time that international users have tested Chinese digital currency.

On January 5, 2021, employees of Tongren Hospital Affiliated to Shanghai Jiaotong University School of Medicine in the staff canteen used digital Yuan “hard wallets” to make payments. (Xinhua News Agency)

At the Digital Currency Forum of the Boao Forum for Asia on April 18, Li Bo, deputy governor of the People’s Bank of China, said when talking about the digital Yuan, the digital currency’s pilot test was quite successful. Still, there is no specific timetable for a national promotion.

Li Bo said that before the digital Yuan is promoted nationwide in China, the following three steps must be taken: First, continue to expand the scope of the trial. The central bank is currently considering trials in more scenarios and more cities, allowing foreign athletes and tourists to use it in the 2022 Winter Olympics.

The second is to build the infrastructure and ecosystem of the digital Yuan to improve safety and reliability; the last is to create a corresponding legal and regulatory framework to supervise the digital Yuan.

Zhou Xiaochuan, vice chairman of the Boao Forum for Asia, pointed out that the starting point of the digital Yuan is to improve the efficiency of the retail system and carry out related businesses. With the development of this system, the wholesale system and cross-border payment operations are possible. 

China’s motivation for developing a digital Yuan is not to use it for cross-border payments.

Li Bo pointed out that the Yuan’s internationalization is a natural trend. The goal of launching a digital Yuan is not to replace the dollar’s dominance on the international stage. Li Bo also pointed out that the digital Yuan is different from the currently popular cryptocurrency. The cryptocurrency is an alternative investment and is not a currency itself.

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