The People’s Bank of China (PBOC), the central bank of the country, has said its digital currency could be used during the Winter Olympics event in 2022.
The news was reported by Chinese state-owned television network CCTV, citing a “relevant person in charge” of the PBOC Digital Currency Research Institute. The event for the 2022 Olympics is set to take place in Beijing.
Mention of the event suggests the digital currency launch schedule, possibly by mid-2021. The central bank has yet to provide an official timetable for the digital yuan rollout.
The person concerned also confirmed that some state-owned banks in four cities-Shenzhen, Suzhou, Xiong’an New Area and Chengdu-are conducting internal digital currency tests.
Mobile Test Apps Released Supporting Digital Currency
Agricultural Bank of China and Bank of China apparently released mobile test apps last week that support the digital currency of the PBOC.
Further, the PBOC person confirmed that the current digital yuan research and development is progressing steadily. They also said that internal testing would not affect banks’ business operations, the issuance and circulation system of yuan and the financial markets.
Reports last week revealed that Suzhou municipal government employees would receive 50 percent of their digital yuan May transportation subsidies. Another China Daily report today said the digital currency will be based on blockchain and a traditional centralized money mechanism structure.
Cryptolydian reported that, Max Keiser, broadcaster and famous crypto enthusiast, said Russia and China may add Bitcoin (BTC) to their strategic reserves once the gold standard gains ground in the US, U-Today website reported.
Keiser is a harsh critic of the US dollar as he has recently torn a $10 bill to show that the greenbacks are worthless paper and not backed by anything.
Recently, Keiser has predicted the Bitcoin to reach $400,000. Although this level may seem insane, it would not be furious as the 2011 forecasts that came true.