McDonald’s And Starbucks Are The First To Test China’s Digital Yuan

McDonald’s and Starbucks will be the first among the other 19 companies that will test the Chinese digital Yuan that is involved in testing China’s central bank digital currency in the Xiong An district as we reported in the crypto news.

The Reformation and Development Commission of the Xiong’An district in the Hebei province had a meeting regarding the plan of the Chinese digital yuan, according to the news reports citing a government document. The idea came after the wider efforts of the Chinese authorities to test the digital currency project with the state-owned banks that are working on wallet applications for the digital yuan.

The news outlet said that the meeting involved a few representatives from government agencies including representatives from state-owned commercial banks and 19 restaurants including McDonald’s and Starbucks. There were members of the retail and entertainment industry as well. Alongside McDonald’s and Starbucks, Subway and JD supermarkets joined. The reports don’t specify when the test will start or how long it will last.

Last week it was reported in our cryptocurrency news, that the Agricultural Bank of China already developed a test user interface for the digital yuan wallet that features how the digital yuan will be transacted. The test application was available for download and showed that the test is going to be rolled out in Shenzhen, Suzhou, and Chengdu.

The Xiongan New Area will also have enhanced intelligent infrastructure which spans satellite information services, sensor recognition, a 5G network, supercomputing, and big data facilities. China’s digital yuan will, therefore, be in a good environment as the city has already attracted major tech giants such as Tencent, Alibaba, JD.com, and Baidu. The president of the country Xi Jinping visited it on more than one occasion.

Another local news outlet reported that the testing is being rolled out in Suzhou and it involves issuing transportation allowances for all of the government officials in the digital yuan form. The people’s Bank of China also confirmed that there was ongoing testing but that doesn’t mean that the digital yuan will be soon launched officially. All of this shows that China’s digital yuan may stir the Asian economy in a good way, providing plenty of opportunities for people interested in the cryptocurrency sphere.