Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan: Report

The machine requires a passport, but not a bank account.

Nov 8, 2021 at 10:19 a.m. UTC
Updated Nov 8, 2021 at 7:46 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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.
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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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