The Agricultural Bank of China (ABC), one of the four major banks in China, is starting a pilot program to enable the first digital yuan ATMs. The bank used 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, which consists of a giveaway of 200 yuan (US $ 31) to 100,000 residents.
The ATMs allow the digital yuan to be deposited and withdrawn via a smartphone app. The pilot’s mobile app allows customers to convert cash and savings to and from the token.
With digital yuan pilot programs running across the country, it is not surprising that ABC is testing the digital yuan ATMs. In fact, the bank is a partner of the People’s Bank of China (PBoC).
Commenting on the deployment of the ATM infrastructure in Shenzhen, Zou Hua, manager of the bank’s Digital Yuan Innovation Lab:
Agricultural Bank has taken the lead in introducing the ATM deposit and withdrawal feature to the industry to help Shenzhen residents adapt to the digitalization of cash and research into service transformation.
Shenzhen’s interest in Digital Yuan High, says expert
In addition, local experts report positive progress on the city’s digital yuan tests. A comment from Song Qinghuim, a local economist quoted by SZ News, reads as follows:
The third stop of the RMB digital pilot program returned to Shenzhen again, indicating that the market has recognized the city. There have been many changes compared to the first pilot that indicate that the digital RMB project is progressing steadily.
The Shenzhen authorities and the PBoC are also preparing the ground for the launch of another $ 3 million digital yuan giveaway. They expect this to be possible before the New Year holidays (mid-February).
Recently, People’s Bank of China approved a physical card wallet pilot to test their digital yuan. Employees of a coffee shop in a university hospital in Shanghai were selected as participants in the pilot project.
What do you think of the new yuan digital ATMs? Let us know in the comments below.
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