Can a Foreigner Buy Digital Yuan?
China has launched its cryptocurrency, the digital Yuan, which is quite different from other cryptocurrencies. This digital Yuan is backed by the Peoples Bank of China, unlike Alipay and WeChat, which private corporations run. Begin trading of Digital Yuan at Yuan Pay Group.
Foreigners who travel to China can use the digital Yuan with just a few limitations through the digital Yuan app. Also, your mobile phone number acts as a digital wallet, thus why people do not have to present a bank account. Moreover, foreigners do not have to struggle to create digital wallet accounts. The best thing is that you can even set up an account with any name that is not yours since your mobile phone number is what is more important.
In the end, only foreigners who visit China during vacations can open a digital Yuan wallet to make their daily transactions easily without the hassle of opening a domestic bank account.
How to Buy Digital Yuan
There are several ways you can gain access to and purchase digital Yuan, one of them being that you can purchase it from the airport. Another method that is the cheapest way to buy digital Yuan is through an allowed foreign currency exchange. Lastly, you can easily purchase digital Yuan with dollars from banks like Bank of America. On the contrary, people cannot trade this digital currency since it is in the early stages of the trial.
How to Set up Digital Yuan App
One cannot find the digital Yuan app on the app stores directly. However, users must redeem a unique code to access APP stores to limit the number of people using the currency in the early stages. The Digital Yuan app is only available on the Chinese App stator, and people can only download it if they are from China.
When setting up the digital Yuan app, they will get the QR code directly from one of the six partner banks, which include Bank of Communications, Postal Savings Bank, and Bank of China.
As of October 2021, more than 130 million Chinese residents had opened digital Yuan accounts, with total transactions reaching 63 billion Yuan since the launch. So as the Chinese government can entice users to try digital Yuan, the Chinese authorities have been giving away digital Yuan through lotteries.
Moreover, the digital Yuan is not only available on the digital Yuan wallet app but is also accessible through electronic wallets of the Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of Communications.
How the Digital Yuan and Digital Wallet Function
The digital Yuan wallet is an online wallet where digitally Yuan users can keep track of their currency and store their digital currency. One can access a digital Yuan wallet through the digital Yuan app, where users can use this digital currency freely.
As a digital Yuan user, one can set up numerous digital wallets on the digital Yuan app and set limitations, including daily spending limits and the apps and services one can pay for with the wallet.
On the other hand, foreigners can only access a few limited functions on the digital Yuan app. For some reason, only the Chinese identity card is necessary for those spending a lot of digital Yuan than the average. On the contrary, only a wallet that involves spending less is available for signing up without a Chinese identity card.
The Bottom Line
Fortunately, a foreigner can buy digital Yuan. In the end, foreigners should not be worried about accessing the digital Yuan when visiting China.
This article has been published in accordance with Socialnomics’ disclosure policy.