(Yicai Global) April 19 -- China does not intend its digital yuan to supplant the US dollar or any other currencies, according to a deputy governor of the country’s central bank.

Rather the aim is to give the market more choice and to facilitate international trade and investment, Li Bo, who joined the People’s Bank of China last week, said yesterday at a session of the Boao Forum for Asia.

The focus at present is to promote domestic use, but China will work with international partners to set up a cross-border payments solution in the long term, he said.

China plans to expand testing, including allowing the sovereign cryptocurrency to be used at the Beijing Winter Olympics, though no schedule for the its official launch has been set yet, Li said. More work on its infrastructure and ecosystem is still needed, with further pilot projects to include more usage scenarios and more cities, he added.

Since last October, the PBOC has rolled out a series of public tests of the digital yuan in cities including Shenzhen, Suzhou, Beijing, and Chengdu. More cities are set to be involved this year.

Future pilot projects will improve security and reliability as well as help to formulate legal and regulatory systems, Li added.

Editor: Tom Litting