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China's Digital Currency Accessible to Those without Bank Cards!

Reese HACOS瀚客 2020-08-31


The head of the digital currency department of the Chinese central bank says people in China without bank accounts will be able to directly obtain its proposed statutory digital currency. 


When can expats in China enjoy cashless payment services without Chinese bank accounts? 

As Alipay and WeChat introduced their cashless payment services for international tourists, many foreigners living in China want to know the answer. 

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Here comes good news! It is said that people will be allowed to use the digital currency without first having to open a bank account with a Chinese bank. 

Mu Changchun, director general of the People's Bank of China's (PBOC) Institute of Digital Currency, said that while its pro­posed dig­i­tal cur­rency / elec­tronic pay­ments (DC/EP) sys­tem will in­volve com­mer­cial banks con­vert­ing cash into vir­tual money, it will still be pos­si­ble for peo­ple to ob­tain dig­i­tal cur­rency with­out a bank ac­count


“The DCEP is loosely cou­pled with a tra­di­tional bank ac­count,” said Mu at the 2019 Hong Kong Fin­Tech Week con­fer­ence. 

“Actually it could be decoupled from the traditional bank accounts. Thus, those who don’t have bank accounts in China can still open a digital wallet and enjoy mobile payment services in China.” 


Mu’s re­marks ar­rive just as Ali­pay and WeChat Pay in­tro­duce mea­sures for for­eign vis­i­tors to use the apps with­out Chi­nese bank ac­counts, fol­low­ing a dis­crete loos­en­ing of re­stric­tions by PBOC. 


While PBOC re­cently in­di­cated that the launch of its statu­tory dig­i­tal cur­rency was all but im­mi­nent, Mu did not re­veal any fur­ther de­tails as to the likely date of re­lease. 





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SOURCE | China Banking News / SCMP


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