China Extends Digital Lead Over US With Crypto ATMs
Now that the US is in disarray and will probably go full stimulus, China is not wasting time to further roll out its own digital currency and exceed it’s lead on Biden’s incoming administration. Chinese President XI Jinping is going ahead full steam with his digital currency, known on the internet as the Digital Yuan.
The largest of the current existing worldwide Central Bank Digital Currencies is begin rolled out via ATMs of the Agricultural Bank of China.
Customer can choose to convert some of their bank savings or cash into digital yuan on their smartphones, and vice versa. The Chinese lead versus the rest of the world in developing it’s own digital money looks set to only increase.
ATM deposit and withdrawal in crypto
According Zou Hua, who works as Manager of Digital RMB Innovation Lab:
Agricultural Bank has taken the lead in launching the ATM cash deposit and withdrawal function in the industry to guide Shenzhen residents to adapt to the digitization of cash and explore service transformation.
Given the size of its population, the lead in technological development of its digital yuan and the outflow of its “Belt and Road” program, critics fear that China will soon insist that trading partners also start offering payments in Digital Yuan.
If China would succeed in developing acceptance of its digital currency allover Asia whilst a Biden administration over in the US is forced to print dollars and thus devaluate its own currency, the US dollar in return, the Asian nation would be serving some sweet revenge for Trump’s trade war of the past few years indeed.