State-Owned Chinese Bank Launches Digital Yuan ATM Trials In Shenzhen
- Chinese government-owned bank, the Agricultural Bank of China, is rumored to be testing digital yuan ATMs in Shenzhen province.
According to a local news website, Shenzhen Special Zone News, one of China’s largest state-owned banks, the Agricultural Bank of China, is launching digital yuan ATMs in Shenzhen. The ATMs will be released in select branches in Shenzhen, allowing users to convert cash or bank savings into the digital yuan seamlessly and back to cash.
The post states the deposit and withdrawal function will directly be accessible through smartphones for all bank users in Shenzhen.
The latest efforts are in line with the ongoing “red packet/envelope” testing across Shenzhen province. The government is pushing to integrate the central bank digital currency distributing $3 million worth of the digital yuan to over 100,000 Shenzhen province residents.
According to a South China Morning Post report, the central bank spent over 8.8 million digital yuan (approx. $1.3 million) on over 47,000 consumers in the Luohu district of Shenzhen province in October in their latest week-long trial.
The digital yuan's third trial run has been launched, reflecting that the digital yuan could soon be released to the public. Over the past few months, the digital yuan's trial runs completed over $300 million in transactions, but the People’s Bank of China governor, Yi Gang, said the “launch is yet to come.”
The central bank and state-owned banks have carried out tests in four cities, including Shenzhen, Suzhou, Xiong’an, and Chengdu.