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

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.

Read more: China?s CBDC Has Been Used for $9.7B of Transactions