The Agricultural Bank of China (ABC), one of China’s “big four” banks, is embarking on a pilot program to enable the first digital yuan ATMs. The banking institution deployed the first machines in selected branches in Shenzhen.
ATMs work with a smartphone app
According to SZ News, the program is part of the ongoing second digital yuan trial, consisting of a 200 yuan ($ 31) giveaway to 100,000 residents.
The ATMs offer the option to deposit and withdraw the digital yuan via a smartphone app. The pilot program’s mobile app allows customers to convert money and savings to and from the token.
With the digital yuan pilot programs underway across the country, it is not surprising that the ABC is testing the digital yuan ATMs. In fact, the bank is a partner of the People’s Bank of China (PBoC).
Zou Hua, manager of the bank’s Digital Yuan Innovation Lab, commented on the implementation of the ATM infrastructure in Shenzhen:
Agricultural Bank has been at the forefront of launching the industry’s ATM cash deposit and withdrawal feature to help Shenzhen residents adapt to the digitalization of cash and explore the transformation of services.
Shenzhen’s interest in the digital Yuan High, says expert
In addition, local experts report positive progress in the city’s digital yuan tests. A comment by Song Qinghuim, a local economist quoted by SZ News, reads:
The third station of the digital RMB pilot program returned to Shenzhen again, indicating that the market has recognized the city. Compared to the first pilot, there have been many changes, indicating that the digital RMB project is progressing steadily.
Shenzhen authorities and the PBoC are also paving the way to launch another $ 3 million digital giveaway. They expect to make it possible before the Chinese New Year holiday (mid-February).
Recently, the People’s Bank of China approved a pilot with a physical card wallet to test his digital yuan. Coffee shop personnel from a Shanghai-based university hospital were selected as participants in the pilot.
What do you think of the new digital yuan ATMs? Let us know in the comments below.
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