According to a report from Shenzhen Daily on Sunday, one of the “big four” Chinese banks, AgBank, is allowing customers to deposit and withdraw digital yuan to or from their current or savings accounts.
As reported by Coindesk, the news comes as Shenzhen is holding its second digital currency lottery – a public trial that is giving away 20 million digital yuan (worth about $3 million).
AgBank is establishing an office dedicated to innovation around the digital yuan in Shenzhen, according to the report.
Other major banks in the nation are also working on apps for the People’s Bank’s digital currency initiative.
As these and other trials continue, China seems to be closing in on the launch of the digital alternative to traditional cash and would be the first major nation to do so.
In October 2020, the Bahamas launched its “sand dollar” central bank digital currency.
