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I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto related. In today's post I will be looking at the recent announcement that China has created a Digital Yuan Wallet Machine for any non nationals within the nation.
Digital Yuan ATM for Non Nationals
China has officially launched its first auntomate digital yuan wallet-opening machine for overseas passport holders. This comes as per a report in 21Jingji, which notes that the Bank of China’s Dongguan Branch has installed the machine at the Taiping branch of the Huangpu Customs Hall. The locations of both Dongguan and Huangpu are major transport hubs for travellers who arrive into China from Hong Kong and Taiwan, as well as Japan and South Korea. The machine was the first of its kind launched within the nation, and an image of the machine was published in the media outlet, as per below.
The machine will allow users to exchange foreign currency banknotes for digital yuan coins on an automatically opened hard wallet. Any existing digital yuan wallet holder is also able to make use of the machine to make overseas cash-powered top-ups. The machine may also be used to check remaining balances of online or “offline” hard wallets – smartcards or wearable devices.
It is expected that the machine, which supports cash-to-CBDC exchange in 18 currencies, including US dollars, euros, Hong Kong dollars, and Macau patacas will be the first of many rolled out. The bank noted that the machine features support for seven languages besides Chinese: English, French, Japanese, German, Italian, Korean, and Russian.
It is only available to travellers who have made it past customs checks, and users also need to provide proof of identity using an overseas passport. The machine is also compatible with Hong Kong and Macau ID cards, as well as “other identity verification methods.” It was claimed by the bank that the machine would “meet the needs of Hong Kong and Macao residents” visiting the Mainland,” as well as “foreigners and tourists visiting Dongguan.”
There have been similar machines launched in other parts of the Pearl River Delta. These have been aimed at only Hong Kong and Macau travellers as part of an unofficial testbed for the digital yuan expansion. The central People’s Bank of China (PBoC) has previously updated its official digital yuan app to include payment options for overseas bank card holders, and it has even launched an English-language usage guide for its app. This is in a bid to further promote the use of its coin. The bank will seek to showcase the CBDC at major sporting events next year, including the 2024 Chinese Grand Prix in Shanghai.
Have a great day,
CryptoGod-1.
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