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Despite Reports, McDonald’s Doesn’t Seem To Be Involved In The Pilot Test For The Chinese CBDC

  • Two of the biggest conglomerate companies in the world, Starbucks and McDonald’s are allegedly not getting involved with the ongoing tests for the digital yuan central-bank digital currency in China.
  • According to a news report that was released earlier today, the central-bank digital currency from China is being tested on a small scale and particularly involves the retail and catering industry. 

Two of the biggest conglomerate companies in the world, Starbucks and McDonald’s are allegedly not getting involved with the ongoing tests for the digital yuan central-bank digital currency in China.

According to a news report that was released earlier today, the central-bank digital currency from China is being tested on a small scale and particularly involves the retail and catering industry.

Several foreign merchants have been claimed to have been a part of the tests for this CBDC but allegedly, they aren’t actually using the digital yuan for payments so far.

19 companies were allegedly involved in the pilot test for the CBDC in one of the biggest cities in China piloting the project, Xiong’an. This includes Starbucks, Subway and McDonald’s. But according to the report, neither of these businesses have actually got anywhere near the test so far and only accept digital payments through WeChat, Alipay and quickpass.

As would be expected, none of the companies have made any public statements in regards to the Chinese CBDC and its pilot test. Authorities in China initially launched their tests for the project in April this year and early this month on the 5th of October, the central bank of the country revealed that the associated wallets for the currency processed more than $160 million in transactions between April and August of this year.

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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