As the PBOC proceeds to traverse more potential tools for managing the digital currency, a state-owned bank, Agricultural Bank of China, is taking the lead. It plans to expand the possibility of transacting the central bank digital currency through an ATM. Furthermore, one of China’s biggest banks, the Agricultural Bank of China, has currently kicked off ATMs’ testing.
The ATMs reportedly enables the deposit and withdrawal of digital yuan through a smartphone app. It offers users to convert cash and savings to and fro the central bank digital currency. According to the reports, the digital yuan-supported ATM is a portion of the ongoing trial of China’s CBDC in Shenzhen. The government issued $3 million worth-of digital yuan to 100,000 residents through a lottery to fuel adoption in Shenzhen. The bank highlighted that the development would allow Shenzhen residents to adapt to the digitization of cash and examine service transformation.
Agricultural Bank of China launches Digital Yuan Innovation Lab
According to the reports, the bank also announced the launch of a “Digital Yuan Innovation Lab” division this year to create different applications that can assist digital yuan usage, the reports said. This division intends to promote additional services to make the national digital currency more suitable for people’s livelihood improvement, public utility payment, etc.
Moreover, the Chinese government had also conducted a third test (second in Shenzhen) of the digital RMB. The authorities carried out the first test run in October last year. Moreover, they had delivered 50,000 lucky winners approximately $1.5 million worth of digital RMBs through a lottery scheme.
In this new test period, the authorities are giving away $3 million worth of digital yuan. Simultaneously, the ATMs are being placed at select points in the state, with a combination of offline touch-to-pay function. Moreover, a Shanghai hospital currently declared a card-based hardware wallet prototype for the central bank digital currency. Conclusively, China’s digital yuan will act as the cashless payment method in China’s “smart cities” in the coming years.
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