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