Foreigners Will Be Able to Use the Digital Yuan Without a Chinese Bank Account

The Central Bank of China has published the white paper of the national digital currency, digital yuan, in English. It contains its technical characteristics and more relevant information.

Foreign tourists will be able to use the digital yuan without opening accounts at Chinese banks. It is stated in the white paper of the Central Bank Digital Currency (CBDC) that was first published by the People’s Bank of China.

In October 2020, Sun Guofeng, Director General of Research Institute of the People’s Bank of China, announced that the digital yuan would be used in Beijing during the 2022 Winter Olympics.

According to the document, the digital yuan will receive support for smart contracts. It will allow payments to be made by predefined terms or agreements made between the two parties. The timing of the digital yuan project is still unknown.

A smart contract is an algorithm used in the blockchain to form, control, and provide information about the ownership of… anything.

The document describes the history of the creation of the digital yuan since 2014, which is contrasted with China’s response to the risks and challenges posed by decentralized cryptocurrencies.

As noted in the Central Bank of China: “Cryptocurrencies are mainly speculative instruments and therefore pose a potential threat to financial security and social stability.”

We want to remind you that in mid-June, Beijing residents could convert the digital yuan into cash. The Industrial and Commercial Bank of China (ICBC) has allowed CBDCs to be cashed at more than 3,000 ATMs in the Chinese capital. Before this, the owners of the digital yuan could only use it in retail outlets that participate in the currency testing project.

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