China continues to strengthen its digital currency: now it allows to operate in ATMs with it
The digital yuan aims to be the default currency in China. The Asian giant has been working on this alternative to cash for almost a decade. In its gradual implementation, now the Chinese government allows the use of ATMs to convert digital yuan into cash and vice versa.
As reported the state news agency Xinhua, two of the big Chinese banks have begun to allow customers to make this change. On more than 3,000 ATMs in Beijing, the country’s capital, it is possible to withdraw cash which is automatically converted from the amount of digital yuan that the user has.
The Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC) are the two banks that currently allow this operation. At the moment only in Beijing and in about 3,000 ATMs in the city. It is expected that in the coming months this expand to more cities and more banks.
In addition to offering the possibility of using it from ATMs, China has boosted its digital currency in different ways. One of the most relevant is giving away money. Every certain time in different cities of the country where it is being implemented, they give away millions of digital yuan to the inhabitants. In this way they can test it and be convinced of its usefulness.
The digital currency beyond China
The Asian country, although it is one of the first to opt for something like this, It’s not the only one. Alternatives to cash based on digital platforms are also being proposed in other parts of the world. While some like El Salvador They bet on something decentralized like Bitcoin, others raise their own digital currencies.
We have the close example of UK and the idea they have to create a digital currency. But also more global solutions as a possible agreement between the United States, Europe and Japan. Speaking of Europe, the digital euro seems to be getting closer.
Via | Coindesk