In an exciting new development for cryptocurrencies, the Industrial and Commerce Bank of China (ICBC) has officially launched a new feature for switching between the digital Yuan and paper cash.
The new feature, as per state news, allows users to convert their digital Yuan to cash at more than 3,000 Automated Teller Machines (ATMs) throughout Beijing.
Many experts and crypto evangelists have hailed the newfound development since it allows China to move closer towards adopting a digital system built atop a blockchain network.
The underlined development comes on the back of a “pressing need to digitalize cash and coin” into impregnable stores of value, according to a Chinese government official.
While the country heeds blueprints for regulating cryptocurrencies from an overall standpoint, it is also working on projects to help make the digital Yuan as the only source for its population to consider as a genuine store of value, keeping in mind that platforms such as Binance might be brought onboard in the future to convert mainstream crypto into a state-backed digital currency.