More than 3,000 ATMs in Beijing can now convert digital yuan to cash

China continues its success with the debut of the central bank digital money (CBDC) as big banks launch a variety of digital ATMs with the yuan.

The digital yuan – a CBDC controlled by the People’s Bank of China – is now available for deposits and withdrawals at more than 3,000 ATMs across Beijing, state-run Xinhua news agency reported on Friday.

According to the report, the Beijing branch of the Industrial and Commercial Bank of China is the primary bank to fully allow the exchange of digital yuan in that the Chinese funding by establishing more than 3,000 equal ATMs.

The Agricultural Bank of China (ABC), another significant bank involved in China’s CBDC studies, has also set up more than 10 ATMs in that the Wangfujing area, a major shopping street in Beijing. As previously mentioned, in January this past year that the state-owned bank launched digital ATMs denominated in yuan, which allow clients to deposit and draw digital monies in multiple branches in the Shenzhen metropolitan region.

Connected: China launches blockchain-based digital yuan payroll in Xi’an. A

ABC was actively involved in the growth of digital wallets.

The Chinese government has actively promoted the digital yuan via a digital money lottery as part of its ongoing pilot applications to the digital yuan in the funds. The state plans to disperse 40 million digital yuan ($ 6.2 million) in a “red envelope” effort to the inhabitants of Beijing by June 20 to allow participants to digitally issue crypto prizes.