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No, not anyone can sell or fly an official Olympic flag. In order for a person to sell or fly an Olympic flag, they must get permission from the International Olympic Committee.
The Olympic charter of the International Olympics Committee (IOC) specify that French and English are the official languages so both are used.
International Olympic Committee Lausanne, Switzerland.
Czech Olympic Committee was created in 1899.
Yemen Olympic Committee was created in 1971.
Cuban Olympic Committee was created in 1926.
Lebanese Olympic Committee was created in 1947.
Korean Olympic Committee was created in 1946.
The Nepal Olympic Committee was formed in 1962.
Macedonian Olympic Committee was created in 1992.
Austrian Olympic Committee was created in 1908.
Olympic Committee of Serbia was created in 1910.