China's efforts to develop a centrally issued, digital currency leap forward was made on Sunday, when the state-owned Agricultural Bank of China launched the first ATMs with digital yuan.
Customers in selected branches in the Shenzen region reportedly began to spend and convert the digital yuan, which they received in the Chinese lottery "red envelope", in which the new currency donated to 100,000 local residents amounted to 3 million dollars.
ATMs reportedly allow users to deposit and withdraw the digital yuan using smartphone apps and allow users to convert their cash and savings into and from the central bank into the digital currency.
Agricultural Bank of China is one of the state banks of the "Big Four", which together represent the four largest banking institutions in the world. The head of Yuan's Digital Innovation Laboratory, Zou Hua, said the launch of the ATM was part of the effort to guide citizens towards the ultimate digitalization of cash.
