Leading Chinese banks have introduced digital yuan withdrawals at more than 3,000 ATMs in Beijing. Residents of the capital can now exchange their e-CNY funds for cash and vice versa. Some of the ATMs are located in a popular shopping area.
Banks launch support for digital yuan at ATMs across Beijing
The Beijing branches of two major banks in the People’s Republic, the Industrial and Commercial Bank of China and the Agricultural Bank of China, have taken the lead in offering two-way exchanges between the digital and traditional versions of the national fiat currency. The new service is now available at thousands of ATMs in Beijing, Xinhua Finance reported on Friday.
The option has already been activated on more than 3,000 all-in-one ATMs operated by ICBC across the capital. By introducing the feature on their deposit and withdrawal machines, the Industrial and Commercial Bank of China became the first banking institution in Beijing to support digital yuan-cash exchanges, the publication said.
The Agricultural Bank of China has also set up more than 10 of its ATMs in Beijing’s Wangfujing area, Xinhua added, all of which facilitate the exchange of digital yuan for cash. This part of the Chinese capital is a popular shopping area all around Wangfujing Road. The launch will take place in the city of Shenzhen after previous tests. Together with ICBC, ABC is one of the four leading state commercial banks in the country.
People’s Republic is pushing the introduction of the E-CNY
Among dozens of CBDC Projects around the world, including in Europe, Russia and the USA, China has arguably made the most advanced. A number of companies are now accepting the e-CNY, and workers have been paid salaries in the digital currency issued by the People’s Bank of China. Financial authorities have launched digital yuan tests in major cities and have begun testing the new currency in cross-border transactions with Hong Kong.
The Chinese government also distributes digital money through the so-called red envelope Lotteries. Earlier this month, authorities in the capital Beijing and Shanghai announced that they would be distributing over $ 9 million in digital yuan to residents of the two cities. Similar giveaways were held in Shenzhen, Chengdu and Suzhou.
Lottery winners can give handouts to merchants taking part in the tests, such as the popular online marketplace Jd.com. Last year, the e-commerce site became the first online platform to accept the new Chinese digital currency. Others have since followed, while payment giant Alipay announced it would link its app to Yuan digital wallets.
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