2 Chinese Banks to Stop Handling Cash

The digitalization of physical money in China forges ahead. Two Chinese banks announced in January, they’re going cashless.

Starting in April, the Beijing Zhong-Guan-Cun bank will stop offering cash deposits, withdrawals, payments, and other cash-related services.

This means customers will not be able to deposit or withdraw cash from the bank’s ATM machines or from a bank clerk. The only way to use money from this bank would be through electronic means. To get the physical cash, you’d have to transfer the money to another bank.