China Enables Conversion From Digital Yuan to Cash in Over 3,000 ATMs
The Beijing division of the Industrial and Commercial Bank of China (ICBC) has just added a new feature to its over 3,000 ATMs across the country that allows users to convert digital yuan to cash, according to local publication Xinhua.
The digital yuan or e-CNY, the digital version of China’s official currency, has been developed by the central bank of the country and has been tested in several provinces for months. Now, the authorities of China have given a new step forward towards the mass adoption of the currency by allowing users to convert it to cash directly in ATMs.
It is worth noting that the ICBC is not the only bank allowing digital yuan conversions to cash, as The Agricultural Bank of China (ABC) has also added this feature to 10 ATMs in the Wangfujing district.
We should take into account that the ICBC enabled this feature to 10 ATMs in February in Beijing, so this can make us think that the ABC could do the same and roll out the option to a larger number of ATMs in the future.
The e-CNY has been distributed through lottery campaigns in six Chinese cities Shenzhen, Suzhou, Beijing, Chengdu, Changsha and Shanghai, which shows the authorities are working hard to test the use cases of the currency before its full deployment.