After launching its Central Bank Digital Currency (CBDC) digital yuan, China has spent a lot of time promoting it in the nation. Recently, the Bank of China revealed a new machine that is capable of converting foreign currencies into the CBDC.
Easy conversion of fiat to digital yuan
According to the report by the China Times, the Bank of China revealed this new machine that is capable of converting any foreign currency into the digital yuan, making currency conversion way easier in the nation.
Although currently, the CBDC is in the testing phase, and it is expected that the CBDC will be revealed in the 2022 Beijing Winter Olympics in front of the rest of the world. With the testing phase in action, the deputy governor of the Central Bank of China, Fan Yi Fei, disclosed in a statement that the 3.13 million transactions had been processed.
As the Winter Olympics dawned upon China, the preparations for easy currency conversion had already been made. Since athletes from all over the world will join the event, the machine will prove to be quite useful.
CBDC adoption in China
The machine was unveiled in China’s International Import Expo in Shanghai and currently supports the conversion of around 17 foreign currencies. To use the machine, the users won’t need to complete any banking formality, neither would they need a bank account. The only requirement is the passport, which needs to be linked with every transaction.
The foreigners in the nation have been using the digital yuan since the month of May without any name verification. Only a phone number is required for foreigners to use the digital yuan.
According to the latest data from PBoC (People’s Bank of China) Digital Currency Research Institute Mu Changchun, nearly $9.5 billion have been spent using digital yuan.
Apart from the digital yuan, China has also been actively participating in the stablecoin industry, releasing the offshore Renminbi, or RMB, yuan-pegged stablecoin.