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The Central Bank of China is publishing a guide to the digital yuan for foreign investors.

These activities can help promote the global use of digital sovereign currencies and strengthen China’s position as a leader in this field.

Date: 2024-03-18 Author: Łukasz Michałek
The Central Bank of China is publishing a guide to the digital yuan for foreign investors.

China’s central bank, the People’s Bank of China, has published a guide to digital yuan services for foreign investors to help them make contactless payments using e-CNY.

According to a local news report, “Explore China’s Splendors with e-CNY Service Guide for Visitors to China,” published by the central bank, foreign tourists can now pay in digital yuan using accounts linked to their cards via the official mobile app.

Download the e-CNY app and open a digital yuan wallet

The “e-CNY” app, which is available on the App Store and Google Play, offers a digital currency account registration service(CBDC) of the Chinese central bank through local banks as authorized operators.

Although visitors are unlikely to have an account with Chinese banks such as the Industrial and Commercial Bank of China (ICBC) or the Bank of China (BOC), they do not need an account to open a wallet. In addition, wallet registration supports numbers from more than 210 countries and regions.

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A user who opens an anonymous wallet does not need to visit a bank, provide a passport or other personal information. The payment limit per transaction for anonymous users is 2,000 yuan (about $282), and the daily cumulative limit is 5,000(about $705).

Users only need to link their wallet to a Visa or Master card to make a deposit, in addition to the phone number provided at registration. In addition, the central bank said it is working on setting up more international card systems.

Top up and pay with a linked account

To pay with your digital wallet, you need to top up your linked account. The money can be used for online purchases and at local suppliers that support digital yuan. Unused funds can simply be deposited back into the linked accounts.

The post states: “International users can also go to the authorized operator’s bank tellers to top up their wallets with yuan bills or other currencies.” “You can exchange the remaining amount of your wallet for banknotes at the counter.”

For users in the Hong Kong SAR, a “Faster Payment System” feature is available to recharge wallets free of charge using Hong Kong bank accounts, including HSBC, Hang Seng Bank (HSB), Standard Charted Bank, among others.

According to the guide, users can request a conventional card, a card-shaped e-ink wallet, or make mobile payments by scanning or presenting QR codes and tapping similar to Apple Pay.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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