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Agricultural Bank of China tests digital currency at ATMs

Agricultural Bank of China tests digital currency at ATMs

The Agricultural Bank of China has equipped a number of ATMs with the means for customers to deposit and withdraw the central bank's new digital currency.

The trial run, as reported by local news outlet Shenzhen News, is part of a series of phased tests of the digital yuan as the country prepares for a full-scale roll out of the central bank digital currency.

The People's Bank of China has held a series of lotteries over the past four months, disbursing 20 million digital yuan to 1000,000 consumers for making mobile payments at some 11,000 outlets in Shenzhen.

“Agricultural Bank of China took the lead in launching ATM machines," reports Shenzhen News. "The deposit and withdrawal function of digital renminbi guides citizens to adapt to the digitalization of cash and explore service transformation.”

The bank has also established a ‘digital renminbi innovation laboratory’ in Shenzhen to carry out innovation and pilot projects in new areas.

Other major banks are also conducting trials of the new currency using alternative form factors, such as contactless cards and wearable devices.

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