• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home highlights

Foreign travelers to China will be able to use the digital yuan, central bank says

4 years ago
in highlights, Home, home-news, latest News, Travel
1 min read
0 0
0
55
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Foreign travelers to China will be able to use the government-developed digital yuan without a local bank account, the country’s central bank said in a paper published Friday.

Mobile pay has grown rapidly in the last several years to become the dominant form of payment in China. Merchants often prefer not to take cash, while credit cards never took off in China the same way they did in the U.S.

However, the two primary mobile pay apps — operated by Tencent and Alibaba, respectively — typically require a connection with a domestic bank account, preventing foreigner travelers from using the apps easily.

It was not immediately clear when the bankless digital yuan feature would be available. CNBC confirmed, however, that a foreign reporter was already able to access the digital yuan via a domestic bank account.

The People’s Bank of China has been working on developing a digital version of the yuan, known as e-CNY, since 2014. On Friday, the central bank released a paper — in English and Chinese — on the research progress.

“Foreign residents temporarily traveling in China can open an e-CNY wallet to meet daily payment needs without opening a domestic bank account,” the paper said.

The central bank claimed the e-CNY system “collects less transaction information than traditional electronic payment” and that internally, the PBoC keeps information related to the digital yuan separate from other departments.

RelatedPosts

Dollar Slides as Trump Fires Fed Governor Lisa Cook

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

As of the end of June, following about a year of e-CNY tests across the country, more than 20.87 million personal wallets and more than 3.51 million corporate wallets have been opened, with transaction value of about 34.5 billion yuan ($5.39 billion), the paper said.

Foreigners have generally not be able to participate in state-organized digital yuan handouts or other tests since they were limited to native residents of mainland China, Hong Kong or Macao.

Source: cnbc
Via: norvanreports
Tags: digital yuanForeign travelers to ChinaTencent and Alibaba
No Result
View All Result

Highlights

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

GSE Opens Week Higher as CPC Posts First Gain of 2025

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Trending

Business

Dollar Slides as Trump Fires Fed Governor Lisa Cook

August 26, 2025

Dollar Slides as Trump Fires Fed Governor Lisa Cook President Trump has fired Federal Reserve Governor Lisa...

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

August 26, 2025

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

August 26, 2025

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

August 26, 2025

GSE Opens Week Higher as CPC Posts First Gain of 2025

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.