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

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

AccessTimeIconNov 8, 2021 at 7:46 p.m. UTC
Updated May 11, 2023 at 6:36 p.m. UTC

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.