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A state-owned Chinese commercial bank has enabled a feature allowing users to convert their digital yuan to cash at over 3,000 automated teller machine (ATM) locations in Beijing.
According to a report by Xinhua Finance on Friday, The Industrial and Commerce Bank of China (ICBC) has become the first bank in the country to launch such a feature.
The move effectively lets users switch between digital and non-digital versions of government-issued currency with ease bringing the nation one step closer in its plans for a digital currency built atop a blockchain network.
The report also noted the Agricultural Bank of China or AgBank, one of the nation’s “big-four” lenders, had installed a similar feature at over 10 ATMs in the capital city’s Wangfujing shopping area.
The People’s Bank of China, the country’s central bank, has been working on trials of its digital yuan with other commercial banks and payment providers in a bid to push forward on its plans.
