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On Sunday, China came out to confirm its plan to allow foreigners and athletes to use its digital currency during the 2020 Beijing Olympics. Speaking during a Boao Forum for Asia, the Peoples Bank of China deputy governor Li Bo said they want to make the country’s digital currency available for domestic users and foreign athletes and visitors.
The winter Olympics could be the first instance where internationals will use the Chinese digital yuan. Already, there are several projects ongoing in major cities like Beijing and Shenzhen, where the e-CNY is being used in retail stores. As Li said, the central bank plans to establish more cities and scenarios where the digital yuan will be under testing.
The PBOC has been working on the project since 2014 and just made a breakthrough recently. The digital yuan is essentially not a cryptocurrency and is not in any way like Bitcoin. China aims to use the currency to replace the existing cash and coins and boost its push for a cashless payment system.
Digital Yuan Set to Be World’s Reserve Currency?
Lately, there has been concern over the digital yuan toppling the U.S dollar as the world’s reserve currency. Currently, much of the international payment happens in U.S dollars. The fears come following Beijing’s significant strides in its digital currency, where commenters feel that the digital currency could be out to internationalize the renminbi and challenge the dollar.
Li, however, addressed the fears saying that the goal for the digital yuan’s internationalization is not challenging the dollar. The PBOC is focused on the domestic use of the currency. Li reiterated that the renminbi’s internationalization was a natural process not aimed at replacing any international currency. “Our goal is to provide the market with a choice and support investments and international trade.”
The PBOC’s deputy governor further noted that achieving international interoperability is a complex issue, and there was no rush to find a solution. He, however, did not entirely rule out China’s digital yuan’s international use, saying cross-border use could come in the long term.
Solution for International Interoperability
Speaking during the same Forum that CNBC moderated, the Bank of International Settlements’ general manager, Agustin Carstens, noted that digital currencies had great potential for cross-border use. According to Carstens, digital currencies can facilitate the efficiency of foreign exchange transactions and settlements. Countries can find solutions for international interoperability, such as fostering systems connectivity and compatibility.
