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Chinese Bank Set Up First Digital Yuan ATMs

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23.02.2021
Chinese Bank Set Up First Digital Yuan ATMs

The first digital Yuan ATMs were set up by the Agricultural Bank of China that provides citizens the facility of exchanging cash and savings to digital Yuan and vice versa due to China's big plan to develop its digital currency.

Based on the news, 100,000 residents of China have received gifts by the name of " red envelopes" from China's government in a lottery. The total worth of the prize was $3 million divided into each red envelope. It is reported that these lucky winners have already started to spend and exchange their digital Yuan at some specific branches in Shenzhen province.

As stated, these ATMs, with their new features, allow users to transfer and exchange digital Yuan to and from the central bank digital currency by simply using a smartphone application.

The Agricultural Bank of China is one of the "Big Four" banks in the People's Republic of China and has an increasingly large position in global finance.

The Digital Yuan Innovation Lab manager of the bank, Zou Hua, proclaimed that the digital Yuan ATMs were launched to direct Shenzhen residents towards digitalization of cash and familiarization with the service transform.

According to the Shenzhen reports, the digital Yuan trial's rapid progress implies more ATMs demand in the course of the year. The former manager of the People's Bank of China notified that the digital Yuan is expected to be a replacement for international fiat currencies.

He also stated that China learned a lesson from the massive rejection of Facebook's Libra and Diem and chose a more careful method towards its goals.

China's digital yuan is estimated to be the non-cash form of payment in its "smart cities" in the coming years. China also gets credit for being a precursor to the digitalization of national currencies.

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