Move over cryptocurrencies and Bitcoin ATMs, because China has just introduced a shocking new way to obtain cash that allows users to exchange gold jewelry for the local fiat currency by melting it right there on the spot inside the ATM.
As it happens, the new cash machines provide yuan in exchange for gold jewelry by first weighing the submitted item, then melting it at 1,200 degrees Celsius, and immediately crediting the equivalent amount to the owner’s bank account, per the post shared by NEXTA TV on June 4.
Indeed, according to the video, which appeared on the Republic World YouTube channel on April 20, the user just places the gold item, say a bracelet, inside the ATM, which then shows the item’s weight, purity level, and value in yen in line with the current prices, and turns it into cash.
Gold for cash – right here, right now
The whole process is fully automatic and converts gold to cash in only 30 minutes, and was initially introduced in Shanghai, where it quickly gained attention and popularity, with about 80 people per day stopping by to test or trade in their valuables.
As another video observed:
“The process, from purity checks to payments, takes just 30 minutes. And if you’re buying? The ATM also sells gold bars and jewelry.”
Still, many viewers have expressed skepticism around this development, with some even claiming that, if true, this would mean that the government is confiscating private gold holdings, and others arguing that “they probably keep 25% of each item for themselves saying that it was worth less.”
At the same time, some have expressed concerns over the possibility of smuggling, and how the ATMs check if the items are legitimate possessions and not stolen, whereas others have praised China over such innovations, voicing belief that “This is how the East will beat West. Gold, savings, manufacturing will beat the Western, pretend/gambling/immigration economy.”
According to reports, it appears that the ATMs are the work of Kinghood Group, a Chinese jewelry company based in Shenzhen, and the ATMs are part of the company’s ‘Smart Gold Store’ concept that aims to take gold items of over three grams with a purity of at least 50% for a service fee of 18 yuan ($2.50) per gram.
Meanwhile, China continues to bring new technological innovations to the world, including a massive fourth-generation nuclear-powered aircraft carrier, a new way to boost wireless charging efficiency, and successfully cloning a 4,000-year old pig breed in an attempt to preserve its genetic materials for food and medicine.
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