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Wallet opening machine for overseas users
China has installed a digital yuan wallet opening machine for foreign passport holders. The Bank of China’s Dongguan branch has activated an automated wallet machine at the Taiping section of Huangpu Customs, where travelers from Japan, Hong Kong, Taiwan, and South Korea pass through. 21Jingji reported.
The digital yuan is a central bank digital currency (CBDC) developed by the People’s Bank of China, and the first successful crude oil transaction was in October. Shanghai Oil and Natural Gas Exchange purchased 1 million barrels of crude oil using digital renminbi.
connection: First successful crude oil transaction using digital renminbi; de-dollarization progresses
This is the first time that a wallet opening machine has been installed that can be used by tourists from a wide variety of countries. Users can open a digital RMB wallet with this wallet machine.
It is possible to exchange digital renminbi with 18 types of fiat currencies, including the US dollar, euro, Hong Kong dollar, and Macau Pataca. It supports seven languages including English, French, Japanese, German, Italian, Korean, and Russian.
Other features include charging foreign currency cash to a digital yuan wallet, checking digital yuan wallet balances, and viewing transaction details.
In order to use this machine, travelers must go through customs inspection and need an ID such as an overseas passport. Hong Kong and Macau ID cards can also be used as proof.
An official at the Bank of China Dongguan branch explained:
Travelers can use the machine to convert foreign currency cash into assets in their digital renminbi wallet, then make payments at stores that accept digital renminbi, or use the digital yuan app to exchange money in their wallet.
According to local media 21Jingji, digital renminbi merchants exist in a variety of services, including catering, food, transportation, supermarkets, and various retail stores.
Digital RMB wallet opening machines have also been installed in other parts of the Pearl River Delta on a limited basis. It was installed exclusively for travelers from Hong Kong and Macau as part of a demonstration experiment.
Hong Kong is also holding a digital renminbi shopping festival in July. At this time, more than 200 stores accepted digital RMB payments.
connection: Chinese digital yuan shopping experiment held in Hong Kong
What is CBDC?
Refers to digitized currencies issued by the central banks of each country or region. Abbreviation for “Central Bank Digital Currency.” The major difference from virtual currency is that CBDC is legal tender. While it is expected to reduce costs and improve efficiency in currency management and payments, there are many issues to consider, such as protection of personal information and privacy, security measures, and impact on the financial system.
Virtual currency glossary
Russia advances in digital ruble
Russia is also moving forward with plans for a digital ruble, a CBDC. In August, President Putin signed a bill allowing payments in digital rubles. This is a move that will enable trial operations targeting actual consumers.
connection: President Putin signs bill enabling digital ruble payments
Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian parliament, said that the digital ruble would be the “best form of currency” and that detailed plans for a CBDC would be announced “in the very near future.” did.
connection: Deputy Speaker of the Russian Duma: “Russia, China and India should develop a new common currency system”
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