Some Beijing ATMs Now Offer Digital Renminbi Services
Reports from various Chinese media outlets reveal that two Beijing banks now offer cash exchange services for the digital renminbi. According to the Beijing Youth Daily, more people pick up interest in related digital currency services with an increased number of participants in the digital currency program.
Two Beijing Banks Offer Digital Currency Services
The reporter from this daily who tested various ATMs discovered that the Beijing branch of Agriculture Bank of China (BABC) and Beijing branch of ICBC has started offering exchange services for cash and virtual renminbi. The ICBC has launched this service on all its ATMs (about 3,500 in number). Hence, becoming the first bank to launch this service.
In contrast, the agricultural bank of china has only launched this service on ten of its ATMs. The reporter also confirmed that the process of executing any transaction barely exceeds two minutes.
Once a user opens the digital wallet of the corresponding bank, they can execute a transaction immediately after verifying their identity. The digital renminbi logo is emblemized on the machines that can perform this service.
Users that want to exchange the digital renminbi for cash must scan a QR code and authorize the transaction. Then, they will receive the equivalent amount of the digital renminbi in cash. The quickness of the transaction is an indication that the banks are making all efforts to ensure a fast and seamless transaction.
As a country with many tech-savvy citizens, it seems China is almost ready to launch its blockchain-based digital currency. These two banks have become the forerunners for this service. Thus, it’s likely that other banks will also follow suit in the next few weeks.
China’s Central Bank Digital Currency (CBDC) Program Set for Launch
This newly launched digital currency service is another proof that Chinese institutions are rapidly implementing various integrations and pilot programs that benefit their citizens. Officials are encouraged by the success of various pilot programs that they have been introduced in the last year and might launch the majority of them soon.
When this CBDC launch is in full swing, China will be the largest economy to make such a launch. While global consulting firm, PwC currently ranks Cambodia and Bahamas as the top CBDC countries, china will go straight to the top once it completes the launch of its CBDC.
China is among the largest economies to start experimenting with CBDCs. Other large economic countries such as the United States, Japan, France, and Canada only started recently. Hence, they are playing catchup already to china. The race is now truly underway to determine who will be second to China.
Two More Chinese Banks Participate in China CBDC Trials
Sohu, a china media outlet, has revealed that Xi’an bank and Hainan bank are new Chinese banks to participate in the CBDC trials. However, neither of the banks will access the digital yuan directly because they are second-tier commercial banks.
Also, it is unclear how the central bank will compensate these banks for participating in the trials since digital yuan transactions are free.
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