China’s sovereign digital currency to replace cash will be ready by 2022 Winter Olympics, stated the People’s Bank of China.
China has introduced digital yuan as COVID-19 pandemic has accelerated a shift away from paper money.
Central Bank governor said that limited trials of the digital cash are already underway in Shenzhen, Suzhou, Chengdu, and the Xiongan New Area in the northern province of Hebei.
He also added that government plans to run pilot tests at Olympic venues.
The digital yuan will be a legal tender, hence it could be exchanged without bank acting as an intermediary. It will be linked to smartphones, with transactions taking place via an App.