Chinese bank launches digital yuan conversion at 3,000 ATMs
One of China's commercial banks will provide e-CNY conversion into cash at thousands of its ATMs.
It became known that the Industrial and Commercial Bank of China will be the 1st banking structure in the country to launch the conversion of funds into digital yuan and on the contrary. The bank has enabled this feature at more than 3,000 ATMs located throughout Beijing.
The news has taken China one step closer to integrating e-CNY and well reflects the authorities' sentiment to expand the current tests towards a full rollout. So far, at least in the capital of the country. How quickly a similar function will begin to test in other large provinces is still unknown.
One more financial entity, the Agricultural Bank of China, has initiated this capability too, at 10 ATMs in Wangfujing, a commercial and business zone in the Chinese capital. ABC previously tested this as part of the 2nd stage of the national e-CNY lottery, but ICBC was the first to fully roll out this feature after verifying its viability.
All that remains is to wait for other members of China's Big Four to join these banks. Perhaps they will be able to offer their customers even more different services related to the digital yuan.