China may test its digital currency in the 2022 Beijing Winter Olympics

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A senior official with the Chinese Central Bank said that China is trying to enable athletes and foreign visitors to use its digital currency during the Beijing Winter Olympics in 2022, according to CNBC.

It may be the first test of the Chinese digital currency with international users.

The aim of using the digital yuan or electronic Chinese yuan (electronic Chinese yuan) is not to replace the dominance of the US dollar in the international arena, said Li Bo, deputy governor of the People's Bank of China (PBOC).

The People's Bank of China (PBOC) began searching for the digital yuan in 2014 and recently launched a number of pilot projects across China that allow city dwellers including Shenzhen and Beijing to test the currency with retailers. E-CNY aims to replace cash and traded currencies and promote cashless payments in China, it is not a cryptocurrency and it is not designed like Bitcoin.

Li said during a CNBC moderated session at the Boao Forum for Asia on the island said, for the upcoming Beijing Winter Olympics, we were trying to make e-CNY available not only for domestic users but also for international and visiting athletes.