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

The machine requires a passport, but not a bank account.

By Eliza Gkritsi

Nov 8, 2021 at 10:19 a.m. UTC

Updated Nov 8, 2021 at 7:46 p.m. UTC

Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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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.

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