When it comes to adopting cryptocurrency and blockchain technology, there is no other country that has done it better than China. In the past year, China has made an enormous amount of improvements and introduced several innovations in the crypto-blockchain sector.
When it comes to the health and medical sector, China has adopted blockchain technology in a very unique manner. It has introduced blockchain systems that have the capability of storing and tracking the medical records of all its citizens.
In addition to this, China has even started working on its first blockchain-based hospital. Once launched, it will be the first hospital in the world that will run on the blockchain infrastructure instead of internet infrastructure.
Then towards the mid of 2020, China announced that it was considering launching its central bank digital currency. From that point onward, the country has gained more advancement than any other country, which is also trying to launch its own CBDC. Some of the countries that are also competing to launch their own CBDC are Russia, Georgia, Switzerland, and Italy.
Although, the majority of these countries started working on their CBDC before China, yet China is now ahead of them all. Towards the 4th quarter of the year 2020, China conducted a pilot for its digital yuan in several provinces.
After carrying out successful pilots in the provinces, China moved onto carrying out its pilot for cross-border transactions. In order to carry out cross-border transactions, China collaborated with Hong Kong and gathered successful results.
Now that the Chinese central bank has gathered enough positive feedback and results, it is ready to take things to the next level.
Just recently, the government of Shenzhen city launched a “Red Envelop” program for providing more exposure to digital yuan. According to the program, a total of 100,000 Shenzhen citizens were to receive “Red Envelops” that would be loaded with handsome digital yuan.
After the completion of the program, the Chinese Agricultural Bank owned by the state has announced the launch of the first digital yuan ATMs. It has been reported that the citizens of Shenzhen have already started using the digital yuan following the launch in the city.
Now, the Shenzhen citizens will be able to deposit and withdraw digital yuan through the newly rolled out ATMs. The users will be able to make deposits and withdrawals with the help of a smartphone application. The application would allow users to convert savings and cash into digital currencies through the central bank.
It has been confirmed that the Agricultural Bank of China is one of the four central banking giants in China that are contributing and making all the efforts to introduce digital yuan in the country.