State-owned Chinese bank rolls out ATMs for digital yuan

State-owned Chinese bank rolls out ATMs for digital yuan

China’s efforts to develop a centrally-issued digital currency took a leap forward on Sunday as the state-owned Agricultural Bank of China launched the first digital yuan ATMs.

Customers at select branches within the Shenzen region have reportedly begun spending and converting the digital yuan they received as part of China’s “red envelope” lottery, which saw $3 million worth of the new currency gifted to 100,000 local citizens.

The ATMs reportedly allow the deposit and withdrawal of digital yuan via a smartphone app and allow users to convert cash and savings to and from the central bank digital currency.

The Agricultural Bank of China is one of the country’s “big-four” state-owned banks, which collectively represent the four largest banking institutions in the world. Manager of the bank’s Digital Yuan Innovation Lab, Zou Hua, said the ATM rollout was part of efforts to guide citizens towards the eventual digitization of cash.

“Agricultural Bank has taken the lead in launching the ATM cash deposit and withdrawal function in the industry to guide Shenzhen residents to adapt to the digitization of cash and explore service transformation,” he said

Reports in the Shenzen Daily suggest that the accelerated progress of the digital yuan pilot could indicate a large-scale rollout within the year. However, in December, the former governor of the People’s Bank of China played down the notion that the digital yuan would replace international fiat currencies, adding that China had enacted a more cautious approach after witnessing the global pushback against Facebook’s Libra project.

China is regarded as a pioneer in central bank digital currencies . Its digital yuan is expected to act as the cashless payment method within China’s “smart cities” in the coming years.

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 Jeannie Propes

Jeannie Propes– Technology My Name is Jeannie Propes, and I am 29 years old who is an industrialist other than a writer. I want to catch the attention of my audience and publishers without sound too dry and dull. I am the sort of person who adores his spare time by writing my thoughts and ideas for my audience or readers. My writing skills are not confined to any specific field, I wrote on many topics, but technology and stock Market articles are always my favorite. I love to express myself through creative modes such as drawing, singing, and writing. I love to spend my leisure time with my beloved cat, sleep or by playing my favorite video games.

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