China Introduces Digital Yuan Wallet Machine for Foreign Passport Holders
The Bank of China’s Dongguan Branch has launched an automated digital yuan wallet-opening machine at the Taiping branch of the Huangpu Customs Hall. This machine is the first of its kind in China and is aimed at overseas passport holders. Dongguan and Huangpu are important transport hubs for travelers from Hong Kong, Taiwan, Japan, and South Korea.
Features of the Machine
The digital yuan wallet machine allows users to exchange foreign currency banknotes for digital yuan coins on an automatically opened hard wallet. It also enables existing digital yuan wallet holders to make cash-powered top-ups and check the balance of online or offline hard wallets. The machine supports cash-to-CBDC exchange in multiple currencies, including US dollars, euros, Hong Kong dollars, and Macau patacas. It also offers language support in English, French, Japanese, German, Italian, Korean, and Russian.
Requirements and Future Plans
To use the machine, travelers must have passed customs checks and provide proof of identity using an overseas passport or other verification methods. The Bank of China aims to meet the needs of residents from Hong Kong and Macao visiting mainland China, as well as foreigners and tourists visiting Dongguan.
Expansion of Digital Yuan Wallet Machines
This is not the first instance of digital yuan wallet machines being introduced in China. Other parts of the Pearl River Delta have previously launched similar machines exclusively for Hong Kong and Macau travelers as part of a testbed for expanding the use of digital yuan.
Hot Take: Chinese Push for Digital Yuan Adoption Continues
The launch of the digital yuan wallet machine for foreign passport holders is another step by China towards promoting the use and adoption of its central bank digital currency. By making it convenient for travelers to exchange their foreign currency for digital yuan, China is creating a seamless experience for users and encouraging wider acceptance of the digital currency. This move also highlights China’s focus on advancing its digital economy and solidifying its position as a global leader in digital payments.
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