Thursday, September 29, 2022

China Introduces Over 3000 Digital Yuan ATMs In Beijing

China’s central bank digital currency (CBDC) would now be available at more than 3000 ATMs in Beijing.

A report by the Chinese news outlet, Xinhua, states that the customers of two major banks of China can now trade CBDCs for fiat currency at over 3000 ATMs.  

Industrial and Commercial Bank of China (ICBC) and The Agricultural Bank of China (ABC) are the two banks that allow trading of yuan in both versions.

It has been reported that ICBC is the first bank in China that has lend its full support for withdrawals and deposits of digital yuan. Notably, the bank manages over 3000 ATMs in Beijing and all of them will be offering the trading service of DCEP to the customers.

However, ABC has added the same features at about a dozen ATMs in Wangfujing Street, a major business and shopping area in Beijing’s Dongcheng District.

Like any other fiat currency, CBDC is regulated by the state but it is programmable money.

Several countries around the world have either started their CBDC test or working on it, but China is one leading the race. 

The People’s Bank of China, the central bank of the country, sees the digital yuan as a replacement for regular cash.

A few weeks ago, Beijing Local Financial Supervision and Administration Bureau allowed 200,000 of the city’s residents to take part in a lottery for 40 million renminbi ($6.2 million). The winners of that lottery received their reward through digital red envelopes.

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