The Agricultural Bank of China has launched a pilot test program for the digital yaun on its ATMs in Shenzhen.
According to reports, the Agricultural Bank of China began ATM tests on Sunday for the digital yaun in selected branches of the bank in Shenzhen. Customers in these selected branches were able to deposit and withdraw digital yuan via smartphone applications.
The Chinese government issued and distributed 20 million ($3 million) worth of digital yuan to 100,000 local citizens through the red envelope lottery each getting 200 digital yuan as part of the ongoing trials of the Chinese CBDC.
This is the second time the Shenzhen region is running a test for the digital yaun. The first test was conducted in October last year.
Zou Hua, Manager of the bank’s Digital Yuan Innovation Lab said:
Agricultural Bank has taken the lead in launching the ATM cash deposit and withdrawal function in the industry to guide Shenzhen residents to adapt to the digitization of cash and explore service transformation.
Local reports suggest that the accelerated progress of the digital yuan test points to a rollout within the year. When officially launched the digital yaun will serve as a cashless payment method within China’s smart cities in the coming years.