Chinese Govt. to Promote Digital Currency [DCEP] at Winter Olympics

While the west is busy with yield farming and worries over devaluation of US Dollar, the Chinese Govt. is strongly propagating their digital Renminbi. An announcement in the People’s Daily notes the plans for expansion of the pilot program across China.

As reported ealier, the pilot program has begun in various regions in participation with top FinTech companies in China. The Governemnt there along with the PCoB is now looking to expand to almost all the provinces and municipalities. The pilot program for the digital remnimbi is about to see a major expansion in central and western China.

people's daily china dovey wan — Translation of People’s Daily Announcement in China (Source)

Molly, an independent researcher in China tweeted,

China started to push the massive adoption for DCEP reported by people’s daily, it says it will soon start to pilot in 28 provinces

The 2022 Winter Olympics, commonly known as Beijing 2022, will be held in February, 2022. The report cites that the event will also act as a platfrom to spread word about their CBDC.

DCEP is already viable in Shenzhen, Suzhou, Chengdu and Xiong. Most recently, Food Delivery Giant, Meituan Dianping partnered With PBoC after the earlier addition of Didi Chuxing, the Uber of China to add payments in DCEP. Major FinTech players in the region like Tencent, Alibaba, WeChat and others have reporedly been working towards its’ implementation as well. The first instance of the mobile application for DCEP payment was seen in April.

Do you think that the Chinese Government efforts allign with a bullish narative or not? Please share your views with us.

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Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on X at @nivishoes or mail him at nivesh(at)coingape.com

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