BusinessPostCorner.com
No Result
View All Result
Friday, May 30, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

China Says Overseas Visitors Are Using e-CNY

October 10, 2023
in Crypto News
Reading Time: 3 mins read
A A
0
China Says Overseas Visitors Are Using e-CNY
ShareShareShareShareShare
Source: amazing studio/Adobe

Chinese officials say uptake for the digital yuan is rising among overseas visitors – while more citizens are receiving their salaries in CBDC wallets.

Per the Hangzhou Daily, state-run banks in the Hangzhou Asian Games Village “welcomed delegations [athletes and coaches]” from across Asia at special digital yuan “demonstration” booths.

The overseas “delegations” were shown how to use the digital yuan to “make purchases” at various stores in and around the Asian Games Village.

Athletes and others were able to “experience the safety and convenience” of the coin “first-hand” at the games, which concluded on October 8.

The event was the first major international showcase for the coin.

And China marked the event by releasing a slew of new CBDC features aimed at foreign visitors.

These include an English-language version of the central bank’s digital yuan app and a link to Hong Kong’s FPS payment platform.

An excerpt from the Chinese central bank’s CBDC usage guide for foreign travelers.
An excerpt from the Chinese central bank’s CBDC usage guide for foreign travelers. (Source: PBoC/Yicai/Screenshot)

State-run banks, meanwhile, have begun promoting the coin to international students at Chinese universities.

Per Xinhua (via the China Economic Daily), visitors to China can now “register and open a digital yuan wallet with an overseas mobile phone number.”

They can also top up their wallets with overseas Visa and MasterCard bank cards.

And non-Chinese residents can also use QR codes from Alipay and UnionPay to make payments in Mainland China “through some overseas wallets.”

An Industrial and Commercial Bank of China spokesperson said:

“Previously, foreigners coming to China could only ‘pay-as-they-go’ when using digital yuan wallets. But new functions let them ‘top up first, and use later.’ This will make the payment process shorter and make for simpler and more friction-free transactions.”

But it appears that the CBDC is not the only Chinese payment system to have benefited from the games.

The same media outlet quoted Alipay data as showing that “since the start of the Asian Games, the average number of daily payments made by inbound tourists on Alipay increased by 69%.”

Dong Ximiao, the Chief Researcher at the China Merchants Union, stated:

“Convenient and novel forms of cross-border payment can optimize the payment experience for overseas tourists coming to China. This will further drive the Chinese retail market.”

A Weibo user shares a promotional image explaining how JD.com users can receive CBDC-related discounts.
A Weibo user shares a promotional image explaining how JD.com users can receive CBDC-related discounts. (Source: (年少轻狂最情深661/Weibo)

Overseas Visitors’ Digital Yuan ‘Uptake Rising’ – and More Chinese Now Paid in CBDC

Meanwhile, more Chinese state-operated firms are now paying their staff in digital yuan tokens.

Last month, the state-run bureau that runs financial operations at the Zhongkai High-tech Industrial Development Zone in Huizhou, Guangdong Province, said it would begin paying its staff using the CBDC.

And the Huizhou Daily reported that the bureau has now successfully carried out its plan.

The media outlet reported that the bureau “paid digital yuan wages to 1,211 [Community Party-appointed officials] and employees in 25 district-level agencies and public institutions.”

The move marks the first time workers in the province have received the entirety of their salaries in CBDC tokens.

City officials claimed that 649,000 personal digital yuan wallets have been opened in Huizhou thus far.

Some 55,000 corporate wallets have also been opened in the city.

Earlier this year, the city of Changshu, in Jiangsu Province, said that “all public officials and employees of state-owned enterprises” would be paid in digital yuan starting in May 2023.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Executive advice on when to speak out on current events

Next Post

Mental Health Benefits: A Workplace Must-Have

Next Post
Mental Health Benefits: A Workplace Must-Have

Mental Health Benefits: A Workplace Must-Have

Japan’s Remixpoint Announces M Bitcoin Purchase, Raising Total Holdings to M

Japan’s Remixpoint Announces $7M Bitcoin Purchase, Raising Total Holdings to $84M

May 26, 2025
SOL Strategies Files for B Financing Flexibility to Capitalize on Solana Ecosystem Growth

SOL Strategies Files for $1B Financing Flexibility to Capitalize on Solana Ecosystem Growth

May 27, 2025
Nvidia is a tn bet on the tokenisation of everything

Nvidia is a $3tn bet on the tokenisation of everything

May 29, 2025
Michael Saylor’s Strategy Slows Bitcoin Buys as MSTR Premium Shrinks, Says K33

Michael Saylor’s Strategy Slows Bitcoin Buys as MSTR Premium Shrinks, Says K33

May 28, 2025
Tech news: Emburse launches solution for travel and expense analytics

Tech news: Emburse launches solution for travel and expense analytics

May 23, 2025
Before he revolutionized tech with Steve Jobs, Jony Ive wanted to quit Apple. Now he’s forging a new power pair with OpenAI’s Sam Altman

Before he revolutionized tech with Steve Jobs, Jony Ive wanted to quit Apple. Now he’s forging a new power pair with OpenAI’s Sam Altman

May 25, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Panama City Proposes Bitcoin Payments for Priority Passage Through Panama Canal

Panama City Proposes Bitcoin Payments for Priority Passage Through Panama Canal

May 30, 2025
France introduces nationwide ban on smoking in most outdoor places, with fines for those who fail to comply

France introduces nationwide ban on smoking in most outdoor places, with fines for those who fail to comply

May 30, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!