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China launches 3,000 ATMs to buy its digital currency

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More than 3,000 ATMs (ATMs) have been enabled in China’s capital to convert cash into digital yuan.

According to a report by the Xinhua agency, two state institutions take the lead in the action in the country. First, the Industrial and Commercial Bank of China (ICBC) and then the Agricultural Bank of China (ABC).

In this sense, the Chinese government takes another step towards the adoption of digital currency issued by the central bank (CBDC, acronym in English).

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Digital Yuan in ATMs

According to the report, two banks are leading the race to implement the digital yuan feature in ATMs in China.

ICBC alone has updated 3,000 ATMs to accept transactions with CBDC. The financial institution began testing the system on ten machines in Beijing in February this year.

ABC is in the vice-leadership of the country’s digital and financial transformation. The state bank has completed enabling ten ATMs with the new feature in Wangfujing district.

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The tests of the financial institution had been underway since January, in the city of Shenzhen. At the time, the government donated more than $3 million in digital yuan to local residents. However, only part of the population was drawn to receive the prize.

Joining process in progress

Testing for the digital yuan began a few months ago. The Chinese government held a series of lottery-shaped rounds to reward residents with digital yuan.

Beijing recently promoted the second digital currency sweepstakes campaign. More than 40 million units of digital yuan were donated, approximately US$6.3 million.

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As reported by CriptoFácil, the Chinese capital awarded 200 thousand residents of the city with US$31, approximately R$157.54. The winners have until June 20 to use their reservations.

The campaign aims to encourage the population to adhere to digital currency. It is estimated that, by the Winter Olympics, the digital yuan will already be in official circulation in the country.

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