- China is bracing itself to exhibit capabilities of digital yuan at Asian Games and has kept it as a priority from April to August.
- Hangzhou is involved in the cluster of cities named in early April for a pilot program of digital yuan.
- Games are expected to be postponed as Hangzhou, under 100 KMs from Shanghai, witnesses its greatest wave of Covid-19 pandemics since 2020.
Digital Yuan Pilot Launch
Hangzhou officially became the latest batch of digital yuan pilot cities by the end of this March. A special meeting was held for this pilot program to work on virtual yuan to promote and research the program.
The meeting highlighted that Hangzhou digital yuan pilot is an essential part of implementing the national virtual yuan strategy as well as municipal and provincial “virtual reform” deployments and decisions.
Currently, Hangzhou’s virtual economy is on a rocky road in several different sectors. Meanwhile, it is also carrying the major gig of hosting the Asian Games. It is of great importance to entirely carry out a pilot program and promote the digital yuan.
The meeting stressed the fact that every locality and department must develop a consensus on ideas, entirely promote digital yuan in Hangzhou, and thrive to create a popularized and replicable “Hangzhou Model.” It is important to grasp all necessities adhered to the principle of “orderly and secure, inclusive, initially easy then tough, and long term promotion.
Pilot Program To Be Divided Into 5 Stages
As per the city’s relevant work plan, there will be 5 phases associated with the pilot program of digital yuan. From April to August 2022, the major focus will be on the development of the Asian Games scenario and attaining goals of full coverage of prime areas of the event.
It is important to actively traverse and innovate, learn from previous experiences of an initial couple of batches of pilot areas, learn from the successful design of the Beijing Winter Olympics pilot, shed light on attributes of Hangzhou, promote the town’s pilot work better and quicker, and offer Hangzhou practice for national virtual yuan research and development pilot.
Previously, municipal authorities set up a top-notch cluster for digital yuan pilot work. In the meeting, the People’s Bank of China’s Hangzhou Central Sub-Branch produced a similar scenario to the Hangzhou digital yuan pilot.
Asian Organizing Committee and Municipal Local Financial Supervision Bureau initiated the entire plan of the digital yuan pilot and the Asian Games scene and units taking part also made exchange speeches.
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Source: https://www.thecoinrepublic.com/2022/04/25/digital-yuan-to-be-displayed-asian-games-during-hangzhou-races/