The Agricultural Bank of China, one of the biggest banks in the country, has recently kicked off the testing of ATMs that would allow customers to convert their cash into digital yuans, according to a report by SZNews on Jan 10. These ATMs can be found in selected parts of Shenzhen.
Digital Yuan ATM is Part of Shenzhen’s Second CBDC Testing Efforts
The new digital yuan ATMs are part of the Chinese government’s efforts in testing the efficacy of the virtual currency.
As stated in the report, the bank also announced the launch of a “Digital Yuan Innovation Lab” which was saddled with creating innovative applications that would lead to the seamless use of digital yuan. Furthermore, the Chinese government had also run a third test (second in Shenzhen) of the digital RMB.
The first test run was carried out in October last year where the authorities had given 50,000 lucky winners roughly $1.5 million worth of digital RMBs via a lottery scheme.
In this new test period, $3 million worth of digital yuans is currently being airdropped while ATMs have been put up at select points in the state, with offline touch-to-pay function integrated.
A Shanghai hospital also recently announced the prototype of a card-based hardware wallet for the central bank digital currency.
Read more: https://coingenius.news/chinese-bank-trials-digital-yuan-atms-in-shenzhen-as-part-of-third-cbdc-test/