China’s digital currency goes into play at McDonalds and Starbucks
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China’s long-touted digital currency will soon start trials at three U.S. restaurant chains in Beijing, the SCMP reported on April 23, 2020. Alongside the franchise giants in the upcoming trials are local gyms, hotels, convenience stores, and a bookstore.
As per local filings in Beijing, the Chinese government is finally moving ahead with its grandiose “digital fiat” plans, which has been in the news since 2017.
The local franchises of McDonald’s, Starbucks, and Subway in the Xiong’an New Area of Beijing have been selected for the trials, with no explanations for the inclusions of these specific restaurants. While American chains like KFC, Popeye’s, Shake Shack, Burger King, and Pizza Hut exist and have multiple outlets in China, they aren’t included in the list.
The country’s national bank, the People’s Bank of China, is in charge of the “digital yuan” project, serving as an extension to China’s cashless economy largely run by local players Alibaba and WeChat.
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