China tests ATMs converting digital yuan to cash

China tests ATMs converting digital yuan to cash
February 19
08:00 2021

A new test of the digital yuan that China ran recently included ATMs capable of converting digital yuan to cash and vice versa. According to The Block, the test took place in Beijing. Moreover, the city ran a giveaway of 10 million digital yuan awarded to 50,000 residents. As part of this trial event, the Industrial and Commercial Bank of China (ICBC) placed eight ATMs in two of its Beijing locations. The ATMs featured e-CNY (electronic Chinese yuan).  

The source says, citing a video clip from local media, that every ATM has a feature that allows users to convert China’s Central Bank Digital Currency (CBDC) into cash and vice versa. For cash-to-digital conversion, clients use the phone numbers associated with their electronic wallets. In addition, for the opposite conversion, they need to scan a QR code with their wallet app.

China’s pilot of the electronic yuan is probably the most advanced from various CBDC projects. Multiple test events have taken place since last year. In October 2020, the first trials of the CBDC took place in Shenzhen. Then, the city gave away 10 million digital yuan to 50,000 residents drawn randomly.

In December, an e-commerce platform JD.com became the first retailer to accept digital yuan for online payments. Moreover, this event happened as part of the Suzhou lottery. Besides, in January this year, the People’s Bank of China approved a pilot of a wallet card in China’s CBDC at a coffee shop at a Shanghai hospital.

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