The Agricultural Bank of China (ABC), one of Chinaâ€™s â€œbig fourâ€ 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 Will Work With a Smartphone App
According to SZ News, the program is part of the ongoing second digital yuan trial, consisting of a giveaway of 200 yuan ($31) to 100,000 residents.
The ATMs enable the possibility to deposit and withdrawal the digital yuan via a smartphone app. The pilot programâ€™s mobile app allows customers to convert cash and savings to and from the token.
As the digital yuan pilot programs keep underway across the country, itâ€™s not surprising that the ABC is testing the digital yuan ATMs. In fact, the bank is a partner of the Peopleâ€™s Bank of China (PBoC).
Zou Hua, manager of the bankâ€™s Digital Yuan Innovation Lab, commented on the ATMs infrastructureâ€™s deployment across Shenzhen:
Shenzhenâ€™s Interest in the Digital Yuan High, Says Expert
Moreover, local experts are reporting positive progress from the digital yuan tests in the city. A comment from Song Qinghuim, a local economist quoted by SZ News, reads as follow:
The Shenzhen authorities and the PBoC are also preparing the ground to launch another $3 million digital yuan giveaway. They expect to make it possible before the Lunar New Year holidays (mid-February).
Recently, the Peopleâ€™s Bank of China approved a physical card-wallet pilot to test its digital yuan. Coffee shop staff in a Shanghai-based university hospital was chosen as participants in the pilot.
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