McDonald’s is reportedly part of China’s digital currency trial

share save 171 16 - McDonald’s is reportedly part of China’s digital currency trial

CNBC | Evelyn Cheng | Apr 24, 202

China trials digital currency - McDonald’s is reportedly part of China’s digital currency trialKey Points

  • China has rolled out a digital currency trial in Xiong’an, an area southwest of Beijing in the Hebei province, according to state-backed media reports.
  • McDonald’s and Subway are reportedly two American firms among 19 companies participating in the trial.
  • The People’s Bank of China (PBOC) has been working on a digital yuan for the past few years but has made clear that it has not yet officially launched.

See:  BNY Mellon Report: Global Payments 2020: Transformation and Convergence

McDonald’s is among a handful of companies taking part in a new pilot program for China’s upcoming digital yuan, according to state-backed media, as the world’s second-largest economy pushes forward with its plans for an electronic currency.

The People’s Bank of China, the country’s central bank, has been developing a digital currency over the past few years. While there are very few details at the moment about its exact design, it’s unlikely to resemble popular cryptocurrency bitcoin, which supports anonymity and decentralization, that is, it’s not issued by a central authority.

China’s digital yuan will be issued by the PBOC and the focus appears to be making digital payments easier and faster.

McDonald’s, Starbucks and Subway are the three U.S. firms among 19 companies in total that will be participating in the digital currency trial in Xiong’an, which held a promotional event on Wednesday, state-backed Securities Times reported.

However, a Starbucks spokesperson told CNBC the company is “not participating in any digital currency trial in China.”

McDonald’s and Subway were not immediately available for comment when contacted by CNBC. The central government agency reportedly overseeing the project did not immediately respond to a request for comment.

Xiong’an is a special district about 86 miles southwest of Beijing in Hebei province and is President Xi Jinping’s personal project for building a new economic center. It’s unclear though how much progress has been made since its launch in 2017.

See:  How payments can adjust to the coronavirus pandemic—and help the world adapt

Xi emphasized in a speech on Thursday that the country would step up development of 5G, artificial intelligence and other technologies at a massive scale known as “new infrastructure.”

The announcement of that pilot program, which appeared to focus on retail and catering, follows another recent test in Suzhou where the digital yuan was being used to give subsidies to local workers for transport.

Continue to the full article --> here

 


NCFA Jan 2018 resize - McDonald’s is reportedly part of China’s digital currency trial The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - McDonald’s is reportedly part of China’s digital currency trialFF Logo 400 v3 - McDonald’s is reportedly part of China’s digital currency trialcommunity social impact - McDonald’s is reportedly part of China’s digital currency trial

JOIN US THUR, AUGUST 13 CURRENCY WARS, DIGITAL ASSETS, THE RISE OF DEFI WEEK!


GET TICKETS NOW
More Info


Week 6 Currency Wars Digital Assets and DeFi resize - McDonald’s is reportedly part of China’s digital currency trial



NCFA COVID 19 letter to government to support Fintechs and SMEs - McDonald’s is reportedly part of China’s digital currency trial

NCFA Newsletter subscribe600 - McDonald’s is reportedly part of China’s digital currency trial

 

share save 171 16 - McDonald’s is reportedly part of China’s digital currency trial