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The oldest bank in China will allow the exchange of currency into the digital yuan.

05.05.2021

Beijing is to host the 2022 Olympics. The launch of new terminals is timed to this event, which can be used not only by local residents and citizens of China, but also by tourists.


ATMs went through seven stages of testing today, which turned out to be quite thorough and detailed. Now every visiting foreigner or resident of the country will be able to purchase yuan in digital form. They will play the role of ordinary cash with which it will be possible to make purchases and pay for other expenses.
Last week was marked by a summit, in which many large corporations and representatives of different states presented their latest developments to the public. They concerned simplifying the handling of the tokenized Chinese national currency.


The main news was that a company called Bank of China presented its updated ATM with the function of exchanging various foreign national currencies for Chinese yuan. The terminal is simple and straightforward to use, with its help you can easily convert the required amount at the current exchange rate. After the procedure is completed, your money is deposited into a separate special account and issued in the form of a hardware wallet. It turns out that the issue occurs by analogy with a bank card. On the ATM screen, you will see the total balance and the amount of RMB available for purchases.


As of today, the ATM is ready to accept 17 currencies from different countries. The use of digital Chinese money is not limited to specific stores. Shopping can be done in thousands of outlets throughout the country, the card is accepted almost everywhere.
Bank of China is not the only financial institution developing such devices. They are competed with the Industrial Commercial Bank of China, also called ICBC for short. The devices of this company can also convert foreign currency into national Chinese.


To be able to access electronic money, the user only needs to install a special application from the DCEP bank. This is done in a few minutes, using online banking greatly simplifies the work with digital money. Terminals from both companies have already passed the first tests and are almost ready to be launched in the cities of the country. The trials ended in February, and the first trial machine has already been installed on one of the most popular shopping streets in Beijing.

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