At the 4th Digital China Summit held in Fuzhou in April 2021, ICBC debuted more than thirty Digital Renminbi applications that it has independently developed during its participation in Digital Renminbi trials over the past year-long period.
ICBC Booth at the 4th Digital China Summit
ICBC also showcased a Digital Renminbi smart machine at the Digital China Summit, which provides multiple functions including wallet release, wallet recharging, transfer of Digital Renminbi between accounts, and the conversion of foreign currencies from and into the Digital Renminbi. This is the first ATM deployed by ICBC to support China’s digital Renminbi with GRGBanking’s participation and professional experience. It is customized on GRGBanking’s digital currency ATM technology to cater the needs of “disadvantaged groups” in China when it came to digital finance, as well as short-term visitors to China who are travelling from abroad.
ICBC's Digital Renminbi ATM
Official testing of China's Digital Renminbi first commenced in April 2020 at a small group of Chinese cities including Chengdu, Shenzhen, Suzhou, and the Xiong’an New District. It has since spread to at least ten cities around the country in total, including Beijing, Shanghai, and Xi’an since October 2020. The People’s Bank of China (PBOC) continues to increase the scope of trials for the digital currency and cover various scenarios, which could include allowing foreign visitors and athletes at the Beijing Winter Olympics in 2022 to use the digital Renminbi.
As a leading innovative solutions provider, GRGBanking continues to focus on Digital Currency applications and scenarios with innovation and frontier technologies and drive development of Digital Currency Eco-system partnered with local financial institutions to explore the digital currency journey.