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Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan: Report
The machine requires a passport, but not a bank account.
The Bank of China has shown a machine that converts foreign currencies into digital yuan, China Times reported today.
- The machine is likely in preparation for the 2022 Beijing Winter Olympics, when the central bank digital currency (CBDC) is set to be introduced to the rest of the world.
- Users need to link their passports to the transaction, but don’t need a bank account, according to the report. The machine, unveiled at China’s International Import Expo in Shanghai, currently supports 17 foreign currencies.
- Foreigners in China have been able to use the digital yuan since at least May of this year.
- The CBDC has been used in $9.7 billion worth of transactions, the head of the PBOC Digital Currency Research Institute Mu Changchun said last week.
STORY CONTINUES BELOW
Read more: China’s CBDC Has Been Used for $9.7B of Transactions
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
