The Agricultural Bank of China has launched an ATM pilot program that enables citizens to convert cash to and from the digital yuan via a smartphone app.
Customers at select branches within the Shenzen region have reportedly begun spending and converting the digital yuan they received as part of China’s “red envelope” lottery,” which saw $3 million worth of the new currency gifted to 100,000 local citizens.
The Agricultural Bank of China is one of the country’s “big-four” state-owned banks, which collectively represent the four largest banking institutions in the world.
Reports in the Shenzen Daily suggest that the accelerated progress of the digital yuan pilot could indicate a large-scale rollout within the year.
However, in December, the former governor of the People’s Bank of China downplayed the notion that the digital yuan would replace international fiat currencies.
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