China plans to use its Digital Currency at the 2022 Winter Olympic Games in Beijing

China plans to use its Digital Currency at the 2022 Winter Olympic Games in Beijing

The head of the monetary policy department at the People’s Bank of China talks about the central bank plans and future of digital yuan.

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25 Aug 2020 , 18:44 @ Matey Salt

China plans to use its Digital Currency at the 2022 Winter Olympic Games in Beijing

The head of the monetary policy department at the People’s Bank of China talks about the central bank plans and future of digital yuan.

At today’s press conference, Sun Guofeng, head of the monetary policy department at the People’s Bank of China, explained the current position of the central bank and assured everyone that the central bank has no interest in changing the direction of monetary policy or a flexible approach to policy. He also says that liquidity will remain reasonably extensive, which will help the economy return to growth, informs Reuters.

Sun said:

To cope with all sorts of uncertainties, the monetary policy requires greater certainty,

China has not adopted zero or negative interest rates and other non-traditional policies such as quantitative easing.

In the end, this means that the central bank does not currently have any complications related to the termination of measures due to the COVID-19 pandemics.

A central bank spokesman also commented on China’s digital currency, saying that internal tests are already underway in Shenzhen, Suzhou, Xiongan and Chengdu with the intention of use the digital yuan at the 2022 Winter Olympic Games in Beijing.

Read also: Huawei Cloud brings to Beijing a Blockchain system intended for the government

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