What is the "Digital People's Yen" aiming for China during the demonstration experiment in the Beijing Olympics village?

Chinese RMB (provided by Getty Image)

The Chinese government is conducting a demonstration experiment on the "Digital People's Yen" (e-CNY) at the Beijing Olympics village.Digital People's yuan is Central Bank Digital Currency, CBDC, published by China's Central Bank "China People's Bank".China is aiming for the first official issue in major countries, and the Olympics are aiming to internationally appeal to digital RMB.Hiromi Yamaoka, former director of the Bank of Japan and is currently the chairman of the Digital Currency Forum, explained the aim of issuing the digital People in the first part and the future prospects, and in the second part of Japanese issues.[Image] Mr. Yamaoka who responds to the "Digital People's Yen" app and interviews (8 pieces in total)

"Digital People" under demonstration experiment in major cities

Before you enter the main subject, let's review basic information such as a series of flow over the digital People's yuan.In 2014, China launched a research team on digital currency in the People's Bank of China (PBOC), and established the Digital Currency Research Institute in 2017.Full -scale research on digital currency technology.In 2019, the CBDC issuance plan was officially announced.Later, in October 2008, a demonstration experiment was started in Shenzhen City for 50,000 citizens won the lottery.Citizens who received the winning notification of SMS on mobile phones have downloaded a dedicated wallet and received the 200 yuan (about 3200 yen) digital RMB.Since then, the number of target stores in the city has been expanded, and the scale of the experiment has been expanded to Shanghai, Beijing, and Suzhou.In addition to the payment method at the time of shopping, some efforts are used to pay for public servants, and in January 2010, a dedicated application began to be released.The Beijing Olympics player village has set up a Digital RMB's settlement terminal as a credit card of US visa, a sponsor of the International Olympic Committee (IOC), and other payments other than cash.The company is promoting the use of the press and players for tournaments.According to Reuters News, the usage of digital RMB has reached more than 2 million yuan (about 36 million yen) per day.