• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Upcoming Events
    • TWS, Singapore (July 28-29, 2025)
    • Merge Madrid (October 7-9, 2025)
    • European Blockchain Convention, Barcelona (October 15-17, 2025)
  • Past Events
    • Blockchain Life
    • BlockShow Europe
    • Event Horizon

Crypto Reporter

Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies

Join us on Telegram: https://t.me/crypto_reporter
  • News
    • News Feed
    • Cryptocurrencies
      • Bitcoin
      • Altcoins
    • Payment solutions
    • Exchanges
      • Binance
      • bitFlyer
      • Bitfinex
      • CBOE
      • CME
      • Coinbase
      • Coincheck
      • Coinfloor
      • Nasdaq
      • Poloniex
    • Regulations
      • Australia
      • Belarus
      • China
      • Europe
      • India
      • Iran
      • Israel
      • Japan
      • North Korea
      • Philippines
      • Portugal
      • Russia
      • South Korea
      • Thailand
      • Turkey
      • Venezuela
      • Vietnam
      • United States
    • Blockchain platforms
    • Crypto news in brief
    • Stats & trends
    • Reviews
      • Ambrosus
      • ATN
      • Dash
      • Green Power Exchange
      • Power Ledger
      • ShapeShift
      • Waltonchain
      • Cryptocurrency market capitalization can top 4 trillion USD, under conservative estimates
    • Opinion
    • Sponsored
  • Press Releases

Foreign visitors to China will be able to use the digital yuan without a local bank account

July 26, 2021 By Crypto Reporter

The Central Bank of China has published a whitepaper detailing the national digital currency and its technical data

Foreign travellers temporarily visiting China can open e-CNY wallet to take care of daily payment needs without opening a domestic bank account, according to CBDC whitepaper posted by People’s Bank of China.

Mobile pay has been on the rise in the last several years and has grown rapidly to become the dominant form of payment in China. The two primary mobile pay apps – offered by Tencent and Alibaba – require a local bank account, making it impossible for foreign travellers to use the apps easily. Central Bank’s digital wallet aims to change that.

Back in October the head of the PBOC’s monetary policy department Sun Guofeng stated that the digital yuan would be used in Beijing during the Winter Olympics Games taking place in 2022.

The whitepaper also confirms smart contract programmability, which “enables self-executing payments according to predefined conditions or terms agreed between two sides, so as to facilitate business model innovation”. The full rollout of digital yuan still remains unclear.

The whitepaper describes the history, features and progress of the e-CNY initiative launched in 2014. The program, according to the paper, is China’s counter balance to the emergence of cryptocurrencies and the risks and challenges they brought to the existing financial system.

“Cryptocurrencies are mostly speculative instruments, and therefore pose potential risks to financial security and social stability,” the PBoC wrote.

In June Beijing residents were able to convert the digital yuan into fiat currency. The Industrial and Commercial Bank of China (ICBC) allowed to cash e-CNY in more than 3,000 ATMs located in the capital. Before that, digital yuan owners could use it only at merchant locations that participated into the CBDC pilot project.

Filed Under: General News, News Tagged With: CBDC, China, cryptocurrency, Digital yuan, news

Primary Sidebar

Follow Us

Press Releases

WhiteBIT Launches Hedge Mode to Empower Crypto Futures Traders with Advanced Risk Management Tools

June 13, 2025

The Growing Intersection of Blockchain and Online Gaming: A New Era of Digital Entertainment

June 13, 2025

Shiba Inu Price Analysis: SHIB Eyes Rally to $0.0001, But This Coin Might Front-Run It Into the Top 10 With 23670% Jump

June 13, 2025

Will Elon Musk Pump Dogecoin? As Kangamoon Launches New P2E Game

June 13, 2025

Ethereum’s $10K Ambition vs. Ozak AI’s $1 Surge—Which One Is Realistic?

June 13, 2025

TWS Conference

Merge Madrid

Footer

Crypto Reporter is an online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies
About us
Contact us
Submit press-release

Search

2017-2025 Crypto Reporter