The digital yuan aims to be the default currency in China. The Asian giant has been working on this cash alternative for nearly a decade. Gradually, the Chinese government is now allowing the use of ATMs to convert digital yuan into cash and vice versa.
China’s two major banks have begun allowing customers to switch services, state news agency Xinhua reported. IN more than 3000 ATMs in the capital of the country Beijing, it is possible to withdraw cash which is automatically converted from the amount of digital yuan available to the user.
The Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC) are the two banks that currently authorize this operation. At the moment, only in Beijing and about 3000 ATMs in the city. It is expected that in the coming months it expand to more cities and more banks…
In addition to being able to use it at ATMs, China has strengthened its digital currency in several ways. One of the most urgent is to donate money. Each time in different cities of the country where it is implemented, they donate millions of digital yuan to residents… That way, they can test it and see if it’s useful.
Digital currency outside of China
An Asian country, despite the fact that it was one of the first to do this, This is not the only one… Digital platform-based alternatives to cash are also available in other parts of the world. While some, like El Salvador, are betting on something decentralized like Bitcoin, others are raising their own digital currencies.
We have a close example of the UK and its idea of creating a digital currency. But also more global solutions, such as a possible agreement between the US, Europe and Japan. When it comes to Europe, it looks like the digital euro is getting closer and closer.
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