By
Steve Muchoki
November 28th, 2023
China’s digital currency is set to be used at the 2022 winter Olympics. This comes as testing of the currency has reportedly started in four cities.
China’s digital currency is going to be used at the 2022 Winter Olympics. The People’s Bank of China (PBoC) has indicated this. Sources say that the statement was made over Chinese State-owned television. It is reported that a “relevant person in charge” of the PBoC’s Digital Currency Research Institute was responsible for this information. It shows that the Chinese have invested heavily in this regard. The 2022 Winter Olympics is slated to occur in Beijing.
In light of this, many pundits within the crypto space have slated the launch of China’s digital currency to be between now and 2021.
China’s Digital Currency Is Undergoing Testing
The PBoC is yet to provide any information officially concerning this fact. The same individual also indicated that several state-owned financial institutions are testing the digital currency.
About four different cities were identified where the testing was ongoing. Chengdu, Suzhou, Xiong’an New area and Shenzen.
The Agricultural Bank of China and the Bank of China reportedly released apps to test the currency as well.
The People’s Republic of China seems to have moved ahead of other nations to implement its digital currency. This may be the first sign of global adoption that the decentralized ledger technology space has been waiting for. The Chinese account for about a fifth of the world’s population.
Late last year when the Chinese President Xi Jinping had at the last politburo encouraged the Chinese to “seize the moment”. He also was bullish about blockchain technology.
The Chinese ever since then have initiated several projects. Among them is the blockchain service network (BSN). The BSN is very much like a public service telephone network (PSTN) of the 20th century.
The Chinese May Own the Future
The implications of these moves are many. We may be looking at the future occurring in the present without realizing it. This was how the internet took shape in the early years. What seemed geeky, nerdy and even flat out crazy has become the new normal of today’s day and age.
Decentralized technologies may be the new world order of things. The Chinese also have been looking for ways to beat the West. They have recently achieved parity with the West technologically speaking.
While Western Countries encourage innovation, the Chinese may be seeking to create a model that works for them. The fundamental basis for this approach could be found in their approach to matters.
The Chinese government seems to be playing by a different set of rules concerning blockchain technology. They want to decentralize everything including their currency. How this will play out in the long term remains a matter of speculation for some. The truth is that a National Digital currency can never be truly decentralized.
This may be the one thing the Chinese will have a hard time achieving. As for everything else, it will be a walk in the park.
