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 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, being the first nation to do so.

Read more: Shenzhen to Double Digital Yuan Giveaway in China’s Latest Lottery Test

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