June 19, 2021 / news

China Starts Mass Installation ATMs For Digital Yuan

Chinese authorities are assisted in this by large financial organizations.

Industrial and Commercial Bank of China (ICBC), the largest commercial bank in China, has installed over 3,000 ATMs in Beijing, which can be used to cash out digital yuan. Information about this appeared in the local media.

The launch of ATMs, with which users can cash out digital yuan, has become part of the testing of a new financial instrument. For the first time, information that such devices began to be installed in the country appeared on the network in February 2021.

Video recording of testing an ATM with which you can cash out digital yuan:

ICBC became the first Chinese bank to develop an ATM network for digital yuan transactions.

Other financial institutions, including The Agricultural Bank of China, are also showing interest in expanding ATM functionality to adapt devices to work with a virtual version of the PRC’s national currency.

In parallel, Chinese financial institutions are activating digital yuan wallets. The Chinese authorities, in turn, are promoting the new instrument in anticipation of its launch.

We will remind, earlier the Chinese regulators spoke about the intention to launch the digital yuan in 2022.

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