One of the four largest state banks in China is testing digital yuan on ATMs in Shenzhen.
According to local news Sunday, the Agricultural Bank of China has opened ATMs in select Shenzhen branches that allow customers to cash in their bank savings or cash on their smartphones into digital yuan and vice versa.
According to reports, the digital yuan-backed ATM is part of an ongoing test of the Chinese central bank digital currency in Shenzhen, where the government awarded $ 3 million worth of digital yuan to 100,000 local residents through a lottery.
A New Unit
According to the report, the state bank has set up a “Digital Yuan Innovation Lab” division this year to pioneer various applications that can support the use of digital yuan.
The city of Shenzhen is currently testing China’s digital yuan for the second time after its first attempt in October last year.
Additional features supported this time include digital yuan ATM as well as offline touch-to-pay functionality.
Recently, another test conducted at a Shanghai hospital also revealed the prototype of a card-based hardware wallet of China’s central bank digital currency.