China is set to use the digital yuan; a novel Chinese Central Bank Digital Currency as the Agricultural Bank of China is presently facilitating the use of several automated teller machines all through the city of Shenzhen for the provision of services centered on the digital yuan.
The Agricultural Bank of China is One of the Big Fours Venturing into Digital Currencies
Shenzhen Daily reported recently that the Agricultural Bank of China is one of the so called “Big-Four” banks in China and it now facilitates the withdrawal and deposit of the country’s Chinese Central Bank Digital Currency from the users’ accounts with the bank.
Shezhen Digital Yuan Lottery
This news follows the heels of a current digital currency lottery, which is the second of its kind in the city of Shezhen. This lottery, which is basically a test-run of what will become of the digital yuan and to understand the behaviour of the masses involves a 20 Million digital yuan (1,140,000,000.00 Nigerian Naira) which translates to a Billion and a Hundred and Forty Million Naira.
The Shezhen news has it that the Agricultural Bank of China is opening a department dedicated to new creations regarding the Chinese digital yuan.
Many Chinese citizens are also creating Apps for the country’s National Bank’s digital yuan. It appears that China is set to be the pioneer nation after Bahamas to switch to the use of digital currencies on a National level.
See More on Digital Yuan: Seven Major Central Banks Outline Core Principles That Should Guide the Release of CBDCs
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