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China tests digital ATMs with yuan

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China tests digital ATMs with yuan

One of China's four largest state-owned banks has been testing the digital yuan on their ATMs in Shenzhen.

According to sources from sznews, Agricultural Bank of China has launched ATMs at its Shenzhen branches, allowing customers to convert their bank savings or cash into digital yuan. on smartphones and vice versa.

According to the report, the yuan-backed digital ATM is part of the Central Bank of China digital currency pilot plan in Shenzhen, where the government issues digital yuan. $ 3 million price for 100,000 local residents through lottery.

The Agricultural Bank of China also set up a "digital yuan innovation laboratory" this year to study various applications to support the use of the digital yuan.

Shenzhen City is currently having a second test of its digital yuan, after the first test in October last year.

See more: What is DCEP? Overview of China's national digital currency

Additional supported features this time include a digital yuan ATM as well as touch-to-offline payment functionality.

Recently, another test at a hospital in Shanghai also revealed prototype of a card-based hardware wallet of the Central Bank of China digital currency.


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