Chinese Bank Unveils ATM That Allows Converting Cash To Digital Currency

A major Chinese bank unveils ATM or an automated teller machine that will allow users to convert cash to digital currency as we read more in today’s crypto news.

The Agricultural Bank of China is one of the biggest banks in the world by assets, which launched a pilot program that allows users to move their cash to digital renminbi according to the reports by the Shenzhen News Network. The bank rolled out a few ATMs across the province to facilitate the adoption of the digital currency as Zou Hua noted as the manager of ABC’s digital RMB innovation lab.

The media outlets report that the major Chinese bank unveils AMT options across the province to facilitate the adoption of the digital currency and even conducted a lottery dubbed as digital RMB red envelopes which amount to 20 million yuan worth $3 million to further promote the adoption of the digital yuan. About 100,000 Shenzhen residents have already received digital RMB red envelopes with 200 yan each. The holders of the digital RMB can pay for goods and services at point-of-sale terminals from their mobile phones. Zou said that the number of merchants participating in the program has more than tripled as reported:

 “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.”

The Shenzhen publication added that the Agricultural Bank of China will also build further and will make progress as well as experiment with using the digital yuan in other functions like paying fees for public services.

As reported recently, The major Chinese bank opened up the new wallet service for the central bank of China digital currency for the public users but it immediately disabled it when it gained widespread attention. The users of the China Construction Bank which is one of the four state-owned commercial banks started noticing that the central bank digital currency wallet feature was only available inside the bank’s mobile app. By searching for “digital currency” in Chinese, the users of the app were able to navigate to the digital yuan wallet service and to activate it by registering with a mobile phone number that is related to their bank accounts at CCB.