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Beijing bank's new ATM is no mere cash machine

December 4, 2013

About the only currency it doesn't dispense is Bitcoin: New ATMs at Beijing’s Hua Xia Bank offer customers the option to take their withdrawal in the form of cash or gold and silver coins and bullion.

According to an article by Wealth Daily, Chinese investors often prefer to hold their wealth in tangible goods such as precious metals and property. For customers' convenience, Hua Xia simply turned the cash-to-metal exchange into a self-serve proposition.

The publication said that China's gold imports for 2013 could exceed those of India, another country that favors gold as a store of wealth. However, both countries have "gold rush" seasons coming up: Purchases in China tend to spike during the lead-up to the Chinese New Year, which falls this year on Jan. 31. And India is currently at the height of its Sept.–Jan. wedding season, another major occasion for giving gold.

Read more about ATM innovation.