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Chinese bank debuts digital yuan-supported ATMs

Cryptopolitan


TL;DR Breakdown:

  • A digital yuan-supported ATM is being tested in Shenzhen.
  • This comes in support of the ongoing CBDC tests in the region.

The central bank of China (PBOC) is apparently taking more time to prepare for an effective launch of the national digital currency. Under the pilot program, the digital yuan has been given away to many citizens in certain regions, enabling them to familiarize using the digital currency in stores and other places. 

As the PBOC continues to explore more possible mediums for using the digital currency, a state-owned bank, Agricultural Bank of China, is taking the lead to develop/test the possibility of transacting the central bank digital currency via a bank automated teller machine (ATM).

A bank ATM for digital yuan

The Shenzhen News reported the development on January 10, saying the Agricultural Bank of China has already launched the ATMs in some of its branches located in Shenzhen. Using the machine, the residents can exchange their cash, including their bank savings to digital yuan, and vice versa. The bank noted in the report that the development will enable “Shenzhen residents to adapt to the digitization of cash and explore service transformation.”

This is coming in support of the digital yuan test in Shenzhen. In addition to the ATMs, the Agricultural Bank of China also announced another project dubbed “Digital Yuan Innovation Lab.” As reported, this division was established this year to promote the development of several services to make the use of the national digital currency more convenient for people’s livelihood improvement, public utility payment, and so on. 

Shenzhen keeps up with Chinese CBDC test

Shenzhen has been an active testing region for the Chinese central bank digital currency. In October, Cryptopolitan reported that the government gave away over $1 million worth of the digital currency to the residents in a “red envelope.” For the second time, the government issued a larger amount of CBDC to about 100,000 participants – worth about $3 million. The participants get to keep the cryptocurrency or spend it in local stores supporting it.



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