Chinese Commercial Bank Enables Digital Yuan-Cash Conversion at ATMs

The Industrial and Commerce Bank of China has become the first bank in the country to launch a feature converting cash to the digital yuan.

AccessTimeIconJun 18, 2021 at 7:30 a.m. UTC
Updated Sep 14, 2021 at 1:13 p.m. UTC

A state-owned Chinese commercial bank has enabled a feature that allows users to convert their digital yuan to cash at more than 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 to having 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 more than 10 ATMs in Beijing'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 establish a digital currency.

Read more about


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC