Starbucks and McDonald’s reportedly not testing China’s digital yuan
Starbucks and McDonald’s are reportedly not part of the 3,000 merchants piloting China’s CBDC. American fast-food giants like Starbucks and McDonald’s are reportedly not participating in China’s ongoing digital yuan tests.According to an Oct. 14 report by news agency Sina Finance, China’s central bank digital currency, or CBDC, is still being piloted on a “small scale,” primarily involving the retail and catering industry.As reported, a number of foreign merchants, which were rumored to be part of China’s CBDC tests, are actually not using the digital yuan for payment so far.Xiong’an, one....
Related News
China’s e-payment giant will allow some users to link their accounts to the country’s digital yuan app. Alipay, the mobile payment platform owned by Ant Group, is set to allow some of its users to participate in the emerging digital yuan commerce ecosystem.According to a report by China Securities Journal on Monday, this new feature is a result of MYbank’s participation in the country’s expanded digital currency electronic payment testing protocols.The news further cements Ant Group’s participation in China’s central bank digital currency project. Indeed, the conglomerate owns a majority....
A recent giveaway of China's in-testing central bank digital currency has reportedly left recipients wondering why they should swap from existing solutions like Alipay.
Some winners purchased additional digital yuan during the pilot. The vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red packets” of digital yuan.As of Oct. 18, a total of 47,573 out of 50,000 lottery winners in China have received their prizes, Shenzhen authorities officially announced on Sunday. According to the announcement, the winners conducted a total of 62,788 transactions accounting for 8.8 million yuan ($1.3 million). This amount represents about 88% of the total 10 million yuan ($1.5 million) that was to be distributed in the....
China’s digital yuan pilot program is picking up speed. The governor of China’s central bank has given more details about the country's ongoing digital currency pilot. Yi Gang, governor of the People’s Bank of China, said that the digital yuan pilots have processed over four million transactions to date, totaling more than 2 billion yuan ($299 million). The official delivered his latest remarks at the Hong Kong Fintech Week conference on Nov. 2, Bloomberg reported.According to Yi, the pilots have been going smoothly so far, having rolled out for extended testing in four cities. Growth in....
According to a recent report, Beijing is pressing the fast-food retail chain McDonald’s to support the digital yuan before the Winter Olympics in China scheduled for February 2022. The report notes that China is also pushing companies like Visa and Nike to join in on the central bank digital currency (CBDC) rollout.
Chinese Government Pushes McDonald’s, Visa, Nike to Accept CBDC
The People’s Republic of China is preparing for its full roll-out of the CBDC in February 2022, during the introduction of the Beijing Winter Olympics. According to the Financial....