People’s Bank of China “Validate digital renminbi at the 2022 Beijing Winter Olympics”

Chinese Dream and Digital Yuan [Photo: Digital Today]
Digital Yuan [Photo: Digital Today]

[Digital Today Reporter Choo Hyun-woo] Deputy governor of the People’s Bank of China expressed the view that virtual assets such as bitcoin are recognized as alternative investment assets. It also announced plans to officially distribute digital renminbi at the 2022 Beijing Winter Olympics.

According to Coinpost on the 18th (local time), Libo, Vice President of People’s Bank of China, attended the Boao Forum held in Hainan and revealed the position of the People’s Bank of China on virtual assets.

“We think of Bitcoin and Stablecoin as virtual assets (cryptocurrencies),” said Vice Governor Lee, “not a currency per se, but as a digital asset with an alternative investment character.”

It is reported that this is the first time that the head of Chinese financial authorities has officially stated that virtual assets are regarded as official assets.

However, he reaffirmed the position that “virtual assets as an investment vehicle require principles and regulations.” However, he showed a cautious attitude, saying, “A related effort is in progress,” as to which regulations will be applied and how.

Vice-Governor Li also mentioned the digital renminbi issued by the People’s Bank.

“We are paying special attention to the contribution of the digital renminbi to the Chinese real economy,” he stressed. In addition, “the digital renminbi is not aiming to replace the dollar’s status as an international key currency,” he explained, “and it is focusing on domestic use in China.”

However, it announced that it plans to conduct a pilot distribution of digital renminbi at the 2022 Winter Olympics in Beijing. Digital renminbi distribution and payment tests will be conducted for foreign players and tourists, not Chinese citizens.

Vice Governor Li explained that more scenarios and more regions will be included for the pilot operation of the digital renminbi. “There is no plan to distribute the digital renminbi nationwide, but we need to expand the scope of the pilot distribution and strengthen the technological and institutional infrastructure that can minimize side effects.”

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.