China's digital yuan is now available at more than 3,000 ATMs in Beijing

Two major Chinese banks are now allowing customers to exchange the country's new central bank digital currency (CBDC) for fiat at more than 3,000 ATMs in Beijing, Xinhua news agency reported on Friday. The two financial institutions that support the withdrawal and deposit of the two versions of the yuan are the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). ICBC, which operates more than 3,000 ATMs in the Chinese capital, is reportedly the first bank to fully support withdrawals and deposits of the digital yuan, also known as Digital Currency Electronic Payment (DCEP). ABC added the same feature to nearly a dozen ATMs in Wangfujing Street, a major business and shopping district in Beijing's Dongcheng district. A CBDC is the government-controlled digital equivalent of a physical currency such as the US dollar, euro or Chinese yuan (renminbi). Unlike regular yuan, DCEP is programmable coin. It is not based on a blockchain. Several countries are conducting CBDC experiments, but China is leading the way. The People's Bank of China, the province's central bank, plans to use the digital yuan as a cash substitute. China is giving away $6.2 million in latest digital currency trial Earlier this month, Beijing's local bureau of financial supervision and administration announced that 200,000 city dwellers can enter a lottery for 40 million renminbi ($6.2). million). Winnings sent through digital "red envelopes" will be distributed in digital yuan. DCEP pilots took place in other major cities in China. Shenzhen, the country's main technology hub, held a similar lottery in October 2020. It distributed more than 10 million yuan (about $1.5 million) among 50,000 residents.

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