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Chinese Bank Trials Digital Yuan Services at ATMs: Report

Trials of China's central bank digital currency continue, with ATMs now starting to be used in Shenzhen.

Updated Sep 14, 2021, 10:54 a.m. Published Jan 11, 2021, 12:49 p.m.

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.

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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 in 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.

ATMs China Digital Yuan

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.