In a speech at the Sibos banking and financial conference on October 2nd, Fan Yifei, a deputy governor at the central bank, said that China’s sovereign digital currency (DCEP), had already been used for more than 1.1 billion yuan (US$ 162 million) worth of transactions. As of late August, 3.13 million transactions had been processed using the currency, which has been undergoing tests for much of the past year in major cities, such as Shenzhen and Xiongan. Pilots also will be conducted at the coming Winter Olympics in 2022. Fan said that the “PBOC regards digital renminbi as an important financial infrastructure for the future.”