China Reveals Machine That Converts Foreign Currency to Digital Yuan

Reportedly, the Central Bank of China introduced a digital machine that can convert any foreign currency into Chinese Central Bank Digital Currency (CBDCs). 

Chinese authorities banned crypto-related operations, whether it was crypto trading or mining, no matter. For the better rollout of the Chinese Central Bank Digital Currency (CBDCs) Digital Yuan. And in the present time, the People Bank of China (PBoC) is trying their best to make use of the digital Yuan at the international level without any restriction.

Related: China’s crypto ban was a well-planned idea to push digital Yuan adoption

On 8 November, A local Chinese news media reported about a new Invention of the Chinese central bank. The new machine of the PBoC is a well-planned idea for the roll-out of Digital Yuan during the “2022 Beijing Winter Olympics”. 

The new digital tool of PBoC will convert any type of Currency into Digital Yuan. At present China’s International Import Expo in Shanghai supports 17 foreign currencies. Later they will add all the possible currencies available in the world.

When PBoC introduced the Digital Yuan rollout, at that time they said that Chinese authorities will give a special wallet to the foreign sportsmen players to use the digital Yuan to spend money. 

So, there are huge chances that Chinese authorities introduced this new concept to make the digital Yuan wallet available for every person in the world without any need for special issuance of Digital Yuan wallet by any government authority. 

Reports also claimed that Digital Yuan wallet users will not require any bank account. Users needed to link his passport. 

Mu Changchun, the head of the PBOC Digital Currency Research Institute, last week stated about the growth of the Chinese CBDCs. According to Mu, in digital Yuan people facilitated around $9.7 billion worth of transactions.

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