The Chinese digital renminbi is officially piloted in the capital of China-Beijing. The authority plans to issue a total of $6.2 million worth of digital currency to Beijing residents through a lottery, totaling 40 million RMB.
The People’s Bank of China (PBoC) has confirmed its plans to make its Digital Currency Electronic Payment (DCEP) available to foreign athletes and visitors at the 2022 Beijing Winter Olympics.
China’s central bank is scheduled to test its digital yuan dubbed the Digital Currency Electronic Payment (DCEP) in a second red packet lottery event in Suzhou on December 12.
Central bank digital currency (CBDC) across global economies appear to be inevitable, as central banks have been issuing their own pilot tests of CBDC.
China is poised to become the world’s first cashless society should roll out its Digital Yuan DCEP before it hosts the 2022 Winter Olympics according to the SCMP