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."
