China’s digital yuan to be tested by 19 firms including McDonald’s and Starbucks

  • Wilbur Rodgers
  • April 24, 2020
  • 2 minutes read
  • 424

Starbucks and McDonald’s are among 19 businesses that will test China’s new digital currency in the country’s Xiong’An district. According to a news outlet, the Reformation and Development Commission of the Xiong’An district in Hebei province called a meeting on Wednesday regarding the rollout of a pilot for China’s digital yuan initiative.

The move depicts China’s attempts to examine the e-currency project, while the state bank is already developing wallet applications for the digital yuan, also referred to as DC/EP.

The meeting was attended by government officials, the country’s key commercial banks, Ant Financial, Tencent as well as 19 restaurants, entertainment, and retail stores that will examine the currency. McDonald’s, Starbucks, Subway, and JD Supermarkets in the locality are among some of the renowned businesses participating. It is not yet confirmed when the test would likely start or how long it will last.

According to earlier reports, the Agricultural Bank of China has already launched a test user interface for a DC/EP wallet that marks the methods of digital yuan transactions. The test application also depicted that the test was being carried out in the cities of Chengdu, Suzhou, Shenzhen, and the new district, Xiong’An.

Regarding the ongoing testing efforts, the People’s Bank of China emphasized: “It does not mean the digital yuan has been launched officially.”