A Chinese bank is unveiling automated teller machines that allow users to deposit cash and convert them into digital currency.

The Agricultural Bank of China (ABC), one of the largest banks in the world by assets, launched a pilot program that allows users to move their cash to digital renminbi (RMB), according to the Shenzhen News Network.

The bank rolled out several ATMs across the province to facilitate the adoption of the digital currency, says Zou Hua, the manager of ABC’s digital RMB innovation lab.

The media outlet also says Shenzhen conducted a lottery dubbed as digital RMB red envelopes amounting to 20 million yuan worth about $3 million to further promote the adoption of the digital yuan.

Read Also:   History of the Blockchain. Let’s look at important dates in the… | by Andrew Gardner | The Capital | Nov, 2020

100,000 Shenzhen residents received digital RMB red envelopes with a value of 200 yuan each.

Holders of the digital RMB can also pay for goods and services at point-of-sale terminals from their mobile phones. Zou says the number of merchants participating in the program has more than tripled.

“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 city publication adds that the Agricultural Bank of China intends to build on the progress and experiment with using the digital yuan in other functions such as paying fees for public services.

Read Also:   This Crypto Asset Just Soared 697% After Unexpected Boost From Coinbase

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Read Also:   For Billions of People, Bitcoin Has Already Hit New All-Time High, Says Pantera's Dan Morehead

Featured Image: Shutterstock/Alexander Supertramp

Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link

Chinese Bank Launches ATM Allowing Users To Convert Cash to Digital Currency

by Garland K. Clancy
Choose A Format
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
Upload your own images to make custom memes
Youtube, Vimeo or Vine Embeds
Soundcloud or Mixcloud Embeds
Photo or GIF
GIF format