Government Agricultural Bank of China Opens the First Digital Yuan ATM

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The Agricultural Bank of China (ABC), one of China’s “big four” banks, is launching a pilot programme to enable the first digital Yuan ATMs. The first computers were installed by the banking institution in selected branches in Shenzhen.

ATMs Will Work With a Smartphone App

According to SZ News, the service is part of the ongoing second wireless yuan trial, comprising of a donation of 200 yuan ($31) to 100,000 people.

The ATMs allow digital yuan to be deposited and withdrawn through a smartphone app. The Pilot Smartphone App helps consumers to transfer cash and savings to and from tokens.

As the digital Yuan pilot projects continue to run throughout the world, it is no wonder that the ABC is testing the digital Yuan ATMs. Indeed, the bank is a partner of the People’s Bank of China (PBoC).

Zou Hua, manager of the Digital Yuan Innovation Lab bank, commented on the implementation of ATM infrastructure across Shenzhen:

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.

Shenzhen’s Interest in the Digital Yuan High, Says Expert

In addition, local experts report good progress from the automated yuan tests in the region. A statement by Song Qinghuim, a local economist quoted by SZ News, reads as follows:

“The third station of the digital RMB pilot program returned to Shenzhen again, indicating that the market has recognized the city. Compared with the first pilot, there have been many changes, which indicates that the digital RMB project is progressing steadily.”

The Shenzhen authorities and the PBoC are both setting the land for another $3 million digital yuan donation. They hope to make this happen before the Lunar New Year holidays (mid-February).

Recently, the People’s Bank of China has approved the use of a physical card-wallet pilot to test its digital yuan. Coffee shop workers at the Shanghai University Hospital were picked as pilot participants.

 

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