China’s Digital Yuan is the most awaited project which is yet to be launched. At present, the government has rolled out the Digital yuan trial project in four selected cities. Now in between the rumors of the currency being featured in the 2022 Beijing Olympics, the Governor of PBOC cleared it.
After the trails of the Digital Yuan was set up in four cities, there was speculation being created for the early launch of the currency. Many assumed the currency to go live very soon after screenshots of the Digital Yuan went viral. The Governor, however, cleared all the rumors circulated with the currency.
In an interview, the Governor said that the Digital Yuan has no timeline to go live and due to the COVID-19 pandemic, there are chances of the currency to be launched very soon. The Governor also hinted at the possibility of the currency to be featured in the 2022 Beijing Winter Olympics.
China’s Hainan Province to Develop Blockchain
China now wants to push blockchain development in the country to aid the declining economy due to the COVID-19. To accomplish this, Chinese province Hainan issues new policies to support blockchain development. The new policies could aid in new digital asset exchange set up and explore financial regulation in blockchain technology.
The coronavirus pandemic has led to bringing in new alternatives to the ongoing traditional practices. China too found its alternative in the blockchain and cryptocurrencies. The government has stressed on mobile payments than the cash transactions. Many developments and investments occurred to assist the fintech and blockchain in the country.
China’s Fintech Sector funded by Tencent
Chinese tech giant Tencent Holdings would invest 500 billion yuan ($70 Billion) over the next five years in technology infrastructure including blockchain, cloud computing, artificial intelligence, and cybersecurity.
Other key sectors include servers, big data centers, super-computer centers, 5G networks, and quantum computing. These developments are expected to build a strong technical base in the country to assist the shrinking economy due to COVID-19.
Tencent’s next move with this investment in these sectors clearly showcases the company’s interest to expand into corporate services. The shares of the company went up by 2.5% soon after the announcement
Experts predict that this initiative would propel the economy of the country, creating new opportunities for young talents of China by improving the quality of education and providing specific training if required.
Also Read: China announces the Launch of a Blockchain Service Network