The People’s Bank of China has revealed plans to have its sovereign digital currency ready in time for the 2022 Winter Olympics. The announcement comes as the Covid-19 pandemic has accelerated a shift away from paper money.
Limited trials are already underway in Shenzhen, Suzhou, Chengdu and the Xiongan New Area in the northern province of Hebei, said the central bank’s governor Yi Gang. He told reporters that China’s government plans to run pilot tests at Olympic venues, though there remains no official timetable for a release.
An unnamed member of the State Council with knowledge of the project told the Nikkei Asia Review that If the government is satisfied with the results of this year's tests, the currency “will be issued next year.” Otherwise, “more tests will be conducted next year,” he said.
Bad move and dangerous to the population if the idea is to replace the cash currency, it leads to full control by issuing entities and say farewell to the last shred of privacy, what if there are people who don't have access to the net? Will it be given free as a human basic right as suggested long ago? In addition to a device, and electricity to charge it?
If it's a supplement to cash then it would be ok.
Digital money is soon going to become the norm in few years to come. Covid 19 is just a reason to get central bank digital money facilitated.
Extremely important news. This means…
…that you are really not the holder of all that fake centralized digital money, and it also means that the expiration date for the dollar scam has been set… A bigger scam is coming!