Over 3,000 ATMs in Beijing can now convert digital yuan into cash
China continues to expand the adoption of central bank digital currency (CBDC) as major banks launch a significant batch of digital yuan-powered ATMs in Beijing.
The CBDC digital yuan, which is controlled by The People’s Bank of China, is now available for deposit and withdrawals at over 3,000 ATMs across Beijing.
The Beijing branch of the Industrial and Commercial Bank of China reportedly has become the first bank to fully enable the digital yuan exchange in the Chinese capital city by setting up more than 3,000 digital currency-compatible ATMs.
The Agricultural Bank of China (ABC), another major bank involved in China’s CBDC tests, has also deployed more than 10 ATMs in the Wangfujing area, a major shopping street in Beijing. The ABC also has been actively involved in the development of a wallet for digital currency.
The state-owned bank debuted digital yuan ATMs this January, enabling customers at select branches within the Shenzhen region to deposit and withdraw the digital currency.
The Chinese government has been actively promoting the digital yuan in the capital through a digital currency lottery as part of ongoing digital yuan pilots. The state intends to distribute 40 million digital yuan ($6.2 million) to Beijing residents in a “red envelope” campaign, allowing them to spend digital currency prizes by June 20.