ICBC thus became the first bank in the country to launch such a feature. It made it easy for customers to switch between digital and non-digital versions of the government-issued currency called the renminbi in China.

According to Xinhua, the Agricultural Bank of China or AgBank, which is one of the country’s “big four” lenders, had installed similar functionality in more than 10 ATMs in the Wangfujing shopping district in the capital.

The People’s Bank of China (PBOC) plans to prepare its sovereign digital currency in time for the 2022 Winter Olympics. He said the new currency, which has no official name but is known by its internal abbreviation DCEP – or Digital Currency Electronic Payment – will share certain features with cryptocurrencies.

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The digital yuan is expected to replace the cash in circulation. It will be linked to the holder’s smartphone number, transactions being made via an application. Users will be able to transfer money between accounts by tapping their phone, much like physical money changing hands. Pilot programs to test the digital renminbi are underway in major cities across the country. The authorities also distributed millions of yuan in free digital currency in public lotteries.

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