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China is Testing DCEP Coins on ATMs
Agricultural Bank — one of the country’s “Big Four” banks, has deployed ATMs at several branches in Shenzhen. This allows customers to convert their savings or cash into digital currency on their smartphone and vice versa.
Based on the reports, the yuan-backed digital ATM is part of China’s central bank’s ongoing testing of the digital currency (called DCEP). Here, the government issues $ 3 million worth of digital yuan to 100,000 local residents through lottery.
The State Bank has also set up a “Innovation Laboratory” division this year to lead the various applications. Their aim is to support the use of the digital yuan, the report said.
Shenzhen is currently having a second test of China’s digital yuan, after the first in October 2020. Additional supported features this time include a digital yuan ATM as well as touch-to-pay offline functionality.
Recently, another test at a Shanghai hospital also revealed the prototype of a card-based hardware wallet of the Central Bank of China digital currency.
China is gradually digitalizing its banking services. This will bring about innovation in human transactional behavior.
