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The pilot program by the central bank through the Agricultural Bank of China is in line with the country’s effort to develop a competent digital yuan.
Following China’s central bank several digital yuan tests, state-backed Agricultural Bank of China Ltd has now enabled its ATMs to support withdrawal and deposits of the digital yuan. Apparently, this coincided with the ongoing second Shenzhen digital yuan trial that encompasses a giveaway of 200 yuan ($31) to 100,000 people.
Elsewhere, the Agricultural Bank of China launched a digital renminbi innovation lab where the new functionality is said to have been developed. The pilot program by the China’s central bank through the Agricultural Bank of China is in line with China’s effort to develop a competent digital Yuan.
Mind you, the country’s digital yuan is being watched globally by other aspiring central banks. China is notably not only seeking to depose the United States dollar from the global reserve currency market but also provide a scalable and interoperable digital currency. The country is rushing to implement a seamless digital yuan ahead of the 2022 Winter Olympic Games in Beijing.
Speaking during the digital yuan ATM rollout, Zou Hua, the manager of the bank’s digital yuan Innovation Lab said the pilot program will effectively deliver seamless services to the Shenzhen residents as they transition to the digital world.
“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,” Hau noted.
The accelerated progress in the digital yuan rollout could indicate a possible large scale rollout in the near future. The country is pushing to largely control the blockchain technology that has proliferated the payment system in a great way. Notably, a digital yuan could be a significant enabler of digital asset adoption despite the country’s ban on crypto trading.
Digital assets led by Bitcoin have shown resilience despite huge resistance from different governments.
Digital Yuan ATMs by the Agricultural Bank of China
Digital Yuan ATMs by the Agricultural Bank of China will be a huge game-changer in the country’s payment system. China is in a bid to develop smart cities as the global economy revamps from the coronavirus outbreak.
Shares of Agricultural Bank of China jumped approximately 1.73% on Monday to close the day trading at HK$ 2.94. The bank reported one of its worst financial years during the height of the pandemic. The market data provided by MarketWatch indicates ABS shares dropped over 13% in the past one year. However, they are up approximately 16.21% in the past three months. Mostly attributed to the rising Chinese economy.