According to Eastmoney, experts familiar with the digital yuan project claim there is a "long way to go" before an official launch, but that it is still likely that the People's Bank of China will release the central-bank digital currency (CBDC) before the start of the Games on February 4 2022.

It would likely be the first CBDC launched by an economic superpower.

A CBDC involves using blockchain technology to represent a country's official currency, meaning it is regulated by a central bank unlike popular existing cryptocurrencies. 

It is expected that the Winter Olympics will draw a large number of domestic and foreign spectators, as well as thousands of athletes and officials, driving up the demand for payment services in the Chinese capital.

The digital yuan could help to cope with this demand.

It is believed that the People's Bank of China wants to build infrastructure for mass digital yuan use and, further down the line, sees it as a platform for mass cross-border transactions.

Some have speculated that the digital yuan could come to be a rival to the United States dollar for making international transactions.

Per Eastmoney, People's Bank of China has in recent months "repeatedly mentioned the promotion of digital RMB [yuan]-related Winter Olympics pilot applications", and stated that digital yuan tests are in "full swing" at Olympic sites.

This digital yuan could be rolled out for use at hotels, restaurants, stadiums and other facilities come Beijing 2022.