China’s CDBC might be way ahead than the world

• China’s CBDC pilot projects have yielded a total of transactions worth $1 billion. 
• Now the CDBC pilot program focuses on winter olympics with all the 7 scenarios being covered. 
• Chinese BSN is planning to support infrastructure to mint NFTs. 

China made its stance clear against cryptocurrencies when it introduced its crackdown in 2021. The move sent shock waves throughout the crypto community where Chinese miners were the ones being most affected. However, the country has continued its experiments on Central Bank Digital Currency (CBDC) hoping to introduce a Chinese Yuan or RMB. 

According to recent reports, China’s CBDC pilot projects have yielded a total of 9.6 billion Yuan ($1 billion) worth in transactions and has 403,000 users in its alpha stage where the experiment was primarily carried out in Beijing. It is now expected that China will show its CBDC to the world at the winter olympics which is scheduled to be conducted next month. 

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The translated report mentioned that the pilot program of digital Renminbi was set to expand to winter olympics while covering all the seven scenarios to test things out, 3 large scale pilot programs were carried out. The report comes days after the newly launched e-CNY application hit record downloads on chinese app stores as it also became the weekly most downloaded app within days of its launch. 

Many Chinese businesses & large corporations based out of China are reportedly seeming to adapt to the digital currency embedded in the pilot programs. As Chinese companies cooperate with the mass rollouts, there exists a possibility for foreign companies to start using the CBDC in order to carry out transactions. 

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However, despite the ban on cryptocurrencies & other digital assets, the country is still focused and passionate to find various uses of blockchains and explore fintech options as long as, it can see a derivative to control the tech. 

The country’s state owned Blockchain Services Network (BSN) is rumored to be planning to support various infrastructure through funding as it could gain access to mint various NFTs. 

However, it is clear that NFTs would not be correlated or measured to purchase from other cryptocurrencies. The country would be keen on using its own e-CNY to purchase the tokens of exclusivity. 

While the plan unveils itself, the crypto spectrum will soon know the working of China’s e-CNY as the olympics approaches, however the U.S has asked  the participating teams & athletes to refrain from using the native e-CNY.