Bitcoin
$ 53,162
Ethereum
$ 4,120.7
XRP
$ 1.090

Chinese banks update 3,000 ATMs to enable digital yuan to be converted into cash

Source: https://bit.ly/3gAxvYg

China continues to create conditions for the launch of its digital currency, the digital yuan.

Recently, 3,000 automated teller machines (ATMs) in Beijing were upgraded with a feature that can convert Chinese digital yuan, also known as “e-CNY,” into cash, and vice versa.

According to a Xinhua News Agency report issued on Friday, the Beijing branch of the Industrial and Commercial Bank of China (ICBC) activated the feature across 3,000 ATMs in the Chinese capital.

It is another indication and sign that China is expanding its current tests of the Chinese digital yuan towards full penetration.

For its part, the Agricultural Bank of China (ABC), which is one of the four major state-owned commercial banks in cooperation with ICBC, has activated 10 ATMs with the same feature in Wangfujing, a major business and shopping district in Beijing.

Bank ABC first began testing the feature in January in Shenzhen when the city was conducting its second round of a free digital yuan distribution campaign.

In February, the Industrial and Commercial Bank of China followed Bank ABC and tested the same feature at 10 ATMs in February in Beijing.

Here is a video demonstrating this new feature that enables converting the digital yuan into cash or vice versa:

The Chinese capital recently conducted its second campaign to distribute a free digital yuan of 40 million yuan, worth about $6.3 million.

In all, six Chinese cities: Shenzhen, Suzhou, Beijing, Chengdu, Changsha and Shanghai, have conducted 11 rounds of electronic distribution of Chinese yuan since October in amounts amounting to more than 250 million digital yuan (about $40 million).

The latest distributions in Shanghai have significantly expanded reach by increasing the number of free e-distribution winners to 350,000 local residents.

In all previous tests in other cities, the number of winners each time was determined by 200,000 residents.

Related Posts