China-Owned Commercial Bank Allows Digital Yuan-To-Cash Conversions At ATMs

The Chinese government-owned Industrial and Commercial Bank of China and the Beijing branch of the Agricultural Bank of China are allowing customers to exchange digital renminbi and the cash version of the currency, the Xinhua Finance news service reported.

"ICBC's more than 3,000 deposit and withdrawal all-in-one machines all over the capital have activated this function, becoming the first bank in Beijing to fully launch digital RMB cash exchange," Xinhua Finance reported, according to a Google Translate version of the June 18 article. The article states that the Agricultural Bank's 10 ATMs allowing the conversion between the two forms of the currency are in the Wangfujing shopping area of Beijing.




CoinDesk stated in an article about the announcement: "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 announcement of the new service follows news just a week ago that some workers in a region about 60 miles south of Beijing are going to be paid in digital currency. Government officials in China have said on various occasions that the digital currency expansion is not intended to pose a challenge either to the U.S. dollar as a tool for international exchange or to domestic digital payment services such as Alipay, from Ant Group, or WeChat Pay, owned by Tencent Holdings.


Read more: https://www.pymnts.com/cryptocurrency/2021/china-owned-commercial-bank-allows-digital-yuan-to-cash-conversions-at-atms/

Comments

Post a Comment

Popular posts from this blog

KredX collaborates with Tradewind Finance to deliver comprehensive export and supply chain financing

Image
Bengaluru (Karnataka) [India], June 3 (ANI/NewsVoir): Continuing its efforts to empower businesses with fast digital and affordable access to liquidity, KredX, India's largest supply chain finance platform, today announced its collaboration with Tradewind Finance, a global financial solutions company to corroborate enhanced export and supply chain financing solutions for business corporates. This collaboration will focus on providing financing to KredX's customers for their international business, exports and imports, at competitive rates by leveraging KredX's platform and financing capabilities of both the companies. In November 2021, KredX received an "In-principle" approval by IFSCA to offer a platform for Indian companies to transact and raise financing for their exports and imports. This allows KredX to extend its expertise in offering a world-class transaction platform and offer financing solutions to its existing customer base as it continues to add new one...
Read more

Future of Banking and Financial Services: 2020

Image
The world of banking and financial services has changed drastically over the past few years. The rise of technological innovation in banking and fintech sector has changed the way banking software companies have been operating. There has been a rush of cryptocurrencies powered by Blockchain, along with the AI automation that has disrupted the banking and financial space for better. It is not tough to say that we have entered into a new era of high-end banking services with improved security, safety, and trust in online transactions, greater than ever before. There are over 94% of consumers, who want to complete transactions online. This has just ensured the reformed trust in banking software companies for financial product development for feature-rich banking applications. This blog will encompass the futuristic trends in Banking and Financial Services for the year 2020. Let’s have a look: 1. FinTech will drive the new business model For a long time now, new market entrants are finding...
Read more

Tradeteq Joins Hands With XinFin Group on Trade Finance NFT

Image
 As per the latest reports, Tradeteq, a technology service provider for trade finance asset distribution has completed its most-talked world’s first trade finance-based non-fungible token (NFT) transaction, on Singapore-based eXchange inFinite’s (XinFin) XDC network. This aforesaid new transaction took place with Accelerated Payments, a Dublin-headquartered invoice finance company as the asset originator. During executing the transaction, the trade finance assets were transformed into NFTs by leveraging the XDC network’s blockchain technology. This enables the institutional financial backers to purchase and sell the tokens that demonstrate the value of an off-chain asset as well as provides the token holders with the lawful entitlement. Accelerated Payments Founder and CEO Ian Duffy said in the report, “The joint effort between XinFin, Tradeteq, and Accelerated Payments ensures a complete & transparent chain from investors to the beneficiary of funding with reliability and liqu...
Read more