The Bank of China financial group demonstrated a device that converts foreign currencies into the digital yuan (e-CNY). CoinDesk reports, citing local media.
The device unveiled at the International Import Expo in Shanghai is reportedly being prepared for the 2022 Olympic Games in Beijing. It is expected that will be an international unveiling of China’s CBDC.
The device supports 17 currencies, according to the report. To complete a transaction, the user only needs to enter passport details.
As of October, wallets for the digital yuan have been opened for about 140 million people, and the transaction volume in the asset stood at about 62 billion CNY (~$9.7 billion).
In August, Beijing’s municipal authorities said that they had fully integrated the e-CNY into the payments ecosystem.
Senators in the United States have urged a ban on members of the American Olympic team from using the digital yuan. The Chinese Foreign Ministry criticised the initiative.
Earlier in the U.S. House of Representatives, lawmakers expressed concern about falling behind China in CBDC development.
Subscribe to ForkLog news on VK.