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Agricultural Bank of China Launches Digital Yuan Crypto ATM

Agricultural Bank of China Launches Digital Yuan Crypto ATM
  • The Agricultural Bank of China has launched a crypto ATM that supports digital yuan.
  • The ATM enables users to deposit cash as well as convert them to digital currency.

The Agricultural Bank of China (ABC) has launched a crypto ATM for digital yuan. Additionally, this crypto ATM will enable users to convert physical cash to digital renminbi (RMB) directly.

ABC launched these machines as part of the country’s central bank digital currency (CBDC) testing. Specifically, it hopes to build a progressive monetary atmosphere using digital yuan.

According to the bank, these crypto ATMs will help increase digital currency adoption.

According to a report, Shenzhen rolled out a digital RMB lottery program. Specifically, the lottery is designed as a digital RMB red envelope that contains 20 million yuan. As the activity suggests, this also aims to promote digital yuan adoption.

Moreover, in support of the lottery, over 100,000 Shenzhen residents got digital RMB envelopes and 200 yuan each.

ABC Digital RMB Innovation Lab Manager Zou Hua said,

With the further deepening of the pilot, the use of red envelopes (monetary gifts) this time has expanded from more than 3,000 merchants in Luohu to more than 11,000 in the city, and the consumption format is very rich.

In addition, the active merchants that enrolled in the program have tripled their numbers, says Zou. By using mobile phones, individuals can pay for goods and services with digital RMB.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.