(Yicai Global) June 18 -- Residents in Shanghai and Beijing can now get their hands on the country’s sovereign digital currency in exchange for cash at a number of automatic teller machines as China’s central bank promotes further trials with the e-yuan.

Industrial and Commercial Bank of China has 3,000 ATMs in Beijing that now trade cash for the digital yuan and Agricultural Bank of China has 10 in the capital’s central business district Wangfujing, the Beijing Youth Daily reported today.

Not to be outdone, Shanghai media reported that some ATMs in the city also offer digital cash, but the feature is by invitation only, Shanghai Morning Post reported today.

Customers must first open a digital e-yuan wallet at the respective banks and the exchange can be done in under two minutes, the report said.

Prior to this, the virtual yuan had been slowly introduced to 28 cities through digital red envelopes – a traditional way of gifting cash in China – which are distributed through a lottery system. The lucky recipients can then use them in designated shops. Shanghai recently issued 350,000 hongbao, each with CNY55 (USD8.50) inside, to selected residents for use in over 700 outlets.

Editor: Kim Taylor