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China Has Begun Testing Of The Digital Yuan In Atms

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State-owned Chinese bank Agricultural Bank of China (ABC) has started testing the operation of the national digital currency in ATMs in Shenzhen.

ATMs of some ABC branches in Shenzhen have received an update allowing users to access the digital Yuan. The bank’s customers will be able to convert ordinary Yuan to digital currency through ATMs and vice versa.




Testing the digital Yuan at ATMs was part of a second pilot program in Shenzhen, in which residents of the city received 200 digital Yuan to pay for goods and services.

The state bank also launched the “Digital Yuan Innovation Laboratory”, which develops new ways to use the state cryptocurrency.

Recall that in early January, the Network “leaked” photos of a hardware wallet for the digital Yuan. This digital wallet is made like a credit card and is equipped with a liquid crystal screen that displays the details of the operation.

Read Full Story: China Is Testing A Hardware Wallet For Digital Yuan

Testing of the mobile wallet for the national digital currency by ABC Bank began in April 2020.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

1 COMMENT

  1. China is 90% digital already. You basically use your cellphone to pay anything through Tencent or Alibaba’s platform. Right now it’s the government trying to gain control over that.

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