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China accelerates development of digital yuan ahead of Winter Olympics

The Government of China continues to increase efforts in the development of the digital yuan, with the aim that it be used in the city of Beijing during the 2022 Winter Olympics. To this end, they are working together with companies private companies in the development of software for the implementation of this currency.

According to a local media specialized in Bitcoin, the Beijing Municipal Science and Technology Commission together with other companies, carried out a “ massive effort ”throughout the state to develop the technology that will support an event that usually attracts a large number of tourists and fans from all over the world.

The intention is that the people who attend the event sports, which will take place between February 4 and 20, 2022, can use the digital currency in hotels, restaurants, stadiums and other facilities.

In this sense, companies Beijing Microchip Blockchain and Edge Computing Resea rch Institute , in association with the People’s Bank of China, created a software that will help promote the digital yuan and facilitate its use.

The software called Chang’an Chain, was launched on January 27, and they assure that it has “autonomous control capacity, open source and auditable code.”

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They reported that it is composed of more than “10 core modules, anti-quantum encryption algorithm, governable pipeline consensus and hybrid shard storage,” according to its creators, which resonates with Ethereum 2.0’s own sharding system.

Growth in the implementation of the digital yuan

China has become one of the leaders in the race for central bank digital currencies. So far they have carried out experiments in several cities in the country, distributing through raffles 170,000,000 digital yuan (USD 26,166,531).

In the case of Shenzhen City, the past In the month of January, Chinese citizens were able to exchange cash for digital yuan (or vice versa) at Bank ATMs Agricultural of China, as reported by CriptoNoticias.

Another city that recently formed part The trial with the digital yuan was Shanghai. There, a test was carried out with citizens who do not have mobile phones. To achieve their objective, the authorities put into operation a physical card for payments with the digital currency.

Last February, this medium also announced that some vending machines located in several metro stations of Shanghai, China, are accepting the digital yuan as a form of payment.

The most recent trial began in early March, in the city of Chengdu, located in southwest China, after the Government of China distributed 40 million digital currencies among 200,000 users, through a raffle.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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