Chinese Bank Trials Digital Yuan Services at ATMs: Report

Shenzhen, China(Charlottees/Pixabay)

Chinese Bank Trials Digital Yuan Services at ATMs: Report

The Agricultural Bank of China is said to have enabled a number of ATMs around the city of Shenzhen to offer trial services for the digital yuan.

  • AgBank, one of the “big four” Chinese banks, is allowing customers to deposit and withdraw digital yuan to or from their current or savings accounts, according to a report from Shenzhen Daily on Sunday.
  • The news comes as Shenzhen is holding its second digital currency lottery – a public trial that is giving away 20 million digital yuan (worth around $3 million).
  • According to the report, AgBank is establishing an office dedicated to innovation around the digital yuan in Shenzhen.
  • Other major banks in the nation are also working on apps for the People’s Bank’s digital currency initiative.
  • As these and other trials continue, China looks to be closing in on the launch of the digital alternative to traditional cash and would be the first major nation to do so.
  • The Bahamas launched its sand dollar central bank digital currency last October.
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