First Digital Yuan ATMs Launched in China
Zou Hua, the head of the Agricultural Bank's Digital Innovation Lab has stated rolling out digital Yuan ATMs was a small but major part...
The state-owned Agricultural Bank of China has set up digital Yuan ATMs for a trial to develop China's digital currency.
China gave away some gifts, by the name of "red envelopes" with the worth of $3 million digital Yuan to 100,000 local citizens in a lottery. According to the reports, citizens who won the lottery have already started to spend and exchange their digital money at the chosen branches in Shenzhen province.
ATMs enable users to exchange digital Yuan for cash and the other way around. They also enable them to deposit or withdraw digital Yuan using a mobile application.
Agricultural Bank of China is one of the "big four" banks in the People's Republic of China and the largest of the four major state-run banks.
Zou Hua, the head of the Agricultural Bank's Digital Innovation Lab has stated rolling out digital Yuan ATMs was a small but major part of the digitization of cash and the familiarization of Shenzhen inhabitants with the process of the digital transformation of currencies plan.
As Shenzhen Daily reported, due to the brisk enhancement of digital Yuan trial, so many other ATMs are going to be expected over the year.
The former president of the People's Bank of China indicated that international fiat currencies will shortly be replace by the digital Yuan.
He also added that after monitoring the massive rejection of Facebook's Libra and Diem, China has picked a more vigilant procedure towards its goals.
China is also known to be the leader of the national currency digitization and its digital Yuan is about to be the non-cash payment method in its smart communities in the following years.