China Unveils Digital Yuan Machine for Foreigners, Sparking Interest in Digital Yuan Price

China introduces its inaugural automated digital yuan wallet-opening machine for foreign passport holders, igniting curiosity about the digital yuan price. The Bank of China’s Dongguan Branch inaugurated this pioneering machine at the Taiping branch of the Huangpu Customs Hall.

Dongguan and Huangpu serve as major transportation hubs and cater to travelers from Hong Kong, Taiwan, Japan, and South Korea. Notably, this machine marks the nation’s first of its kind.

Key Features:

• The machine enables users to seamlessly exchange foreign currency banknotes for digital yuan coins stored in an automatically opened hard wallet.
• Existing digital yuan wallet holders can make overseas cash-powered top-ups and check the balance of online or “offline” hard wallets (smartcards or wearable devices) using the machine.

Currency Exchange and Multilingual Support:

• The machine supports cash-to-CBDC exchange in 18 currencies, including US dollars, euros, Hong Kong dollars, and Macau patacas.
• Users can interact with the machine in seven languages: English, French, Japanese, German, Italian, Korean, and Russian.
• 
  Accessibility and Identity Verification:
• Only travelers who have passed customs checks can use the machine, requiring proof of identity through an overseas passport.
• Compatibility extends to Hong Kong and Macau ID cards and other identity verification methods
  

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Target Audience:

The Bank asserts that the machine caters to the needs of Hong Kong and Macao residents visiting the Mainland, as well as foreigners and tourists exploring Dongguan.

Digital Yuan Price Expansion and International Outreach

The Pearl River Delta has previously experimented with digital yuan wallet machines, primarily targeting Hong Kong and Macau travelers in an unofficial testbed for digital yuan expansion.

The People’s Bank of China (PBoC) has continually updated its official digital yuan app to include payment options for overseas bank card holders, accompanied by an English-language usage guide to enhance its global appeal.

Successfully integrated with the Hong Kong Fast Payment System, the PBoC plans to showcase the Central Bank Digital Currency (CBDC) at major international events, including the 2024 Chinese Grand Prix in Shanghai.