The Bank of China financial group demonstrated a device that converts foreign currencies into the digital yuan (e-CNY). CoinDesk reports, citing local media.<\/p>\n
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<\/a> of China’s CBDC<\/span>.<\/p>\n The device supports 17 currencies, according to the report. To complete a transaction, the user only needs to enter passport details.<\/p>\n As of October, wallets for the digital yuan have been opened for about 140 million people<\/a>, and the transaction volume in the asset stood at about 62 billion CNY (~$9.7 billion).<\/p>\n In August, Beijing’s municipal authorities said that they had fully integrated the e-CNY<\/a> into the payments ecosystem.<\/p>\n Senators in the United States have urged a ban<\/a> on members of the American Olympic team from using the digital yuan. The Chinese Foreign Ministry criticised<\/a> the initiative.<\/p>\n Earlier in the U.S. House of Representatives, lawmakers expressed concern about falling behind China<\/a> in CBDC development.<\/p>\n