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

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


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.

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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.

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

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