The People's Bank of China (PBoC), the central bank of China, has officially endorsed the news that the country's official digital currency will be tested, and said the tests will begin in Beijing, the capital of the country soon.

PBoC insists that the digital yuan to be released will not trigger inflation. The news that China will make digital money since the end of last year has already been included in numerous news portals many times. These trials have been officially confirmed with this release of PBoC. The news reported that Shenzhen and Suzhou cities were selected for trials. It was revealed that the cities of Xiongan and Chengdu were added to these two cities last week.

It is required to be ready until the Winter Olympics

According to Cryptonews, the announcement by the central bank's state-owned news agency CCTV confirmed all four test cities and went a step further, with the “Beijing Bird's Nest National Stadium” and the capital's Yanqing district digital, which will probably be used in the upcoming Winter Olympics. He stated that yuan tests can be added to the places where there will be.

However, the media agency UDN says that the city of Zhangjiakou in the Hebei region can also be added. As it is known, the city of Zhangjiakou is seen as the place where the biggest shows in the games will be held.

All these moves strengthen the claims that the Chinese government wants the digital yuan to be ready for the games that will start in February 2022. The PBoC also warned the people of China that there were only preliminary tests and that there has been no official money issue so far.

A PBoC researcher said that the tests are still closed on the subject and said, “The test will also not affect the commercial activities of government agencies, existing fiat money and circulation systems, financial markets and the economy. All effects will be kept only in the test environment. ” commented.

As previously reported, the China Agricultural Bank launched a digital yuan wallet application in May, which will be used to finance transportation assistance to public employees in Suzhou city.

PBoC also confirmed that individuals and traders can trade wallet to wallet using digital tokens without the need for intermediary bank activities. It is also stated that the token can be used in offline situations.


Manuel has three years of editorial experience, specializing in language translation editing. He has got immense experience in writing about technology, business and finance. His stories have been published and circulated around the globe by various media outlets.

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