What better way to unveil a mega innovation than to introduce it at a mega event.
This would certainly be the case for China’s digital yuan, or ”e-CNY” as many analysts expect that it would be officially rolled out in the upcoming Beijing Winter Olympics, which would happen on February 4 next year.
The country’s central bank, the People’s Bank of China (PBOC), recently said that the developments in China’s digital yuan have already entered a “sprint stage.” This means that e-CNY’s development is now being accelerated which would enable it to showcase its capabilities in the upcoming Winter Olympics.
Fan Yifei, deputy governor of PBOC, made a visit to Olympic venues in Beijing and Zhangjiakou, a city in North China’s Hebei province, to check the progress of the e-CNY payment test.
Sense of urgency
The deputy governor also said that the preparation teams behind the digital yuan should have a sense of urgency and responsibility to make sure that the country’s digital currency can be successfully introduced to the world.
For China, its e-CNY isn’t just a mere digital currency, but a symbol of its technological advancement and the big role it can play on the global stage.
The central bank official also said that with the giant role that digital yuan would play in China and to the global economy, meticulous, orderly, and strict manners must be exercised by the preparation team at all times.
All eyes on e-CNY
The upcoming Winter Olympics is expected to draw millions of viewers in China and all over the world, and this would be the perfect platform for digital yuan to showcase its capabilities.
But not everybody is enthusiastic about the country’s digital currency. Three United States senators have expressed their doubts on China’s e-CNY, especially in its privacy risks.
Image courtesy of Cointelegraph News/YouTube
