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Chinese Commercial Bank Enables Digital Yuan-Cash Conversion at ATMs
The Industrial and Commerce Bank of China has become the first bank in the country to launch a feature converting cash to the digital yuan.
Updated Sep 14, 2021, 1:13 p.m. Published Jun 18, 2021, 7:30 a.m.
A state-owned Chinese commercial bank has enabled a feature that allows users to convert their digital yuan to cash at more than 3,000 automated teller machine (ATM) locations in Beijing.
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According to a report by Xinhua Finance on Friday, the Industrial and Commerce Bank of China (ICBC) has become the first bank in the country to launch such a feature.
The move effectively lets users switch between digital and non-digital versions of government-issued currency with ease, bringing the nation one step closer to having a digital currency built atop a blockchain network.
The report also noted the Agricultural Bank of China, or AgBank, one of the nation's "Big Four" lenders, had installed a similar feature at more than 10 ATMs in Beijing's Wangfujing shopping area.
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The People's Bank of China, the country's central bank, has been working on trials of its digital yuan with other commercial banks and payment providers in a bid to establish a digital currency.
See also: China’s Xiong’an New Area Begins Using Digital Yuan for Salary Payments
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