The American fast-food giants Starbucks and McDonald’s were previously thought to have been among the 3,000 firms taking part in trials of the token, which are being conducted primarily throughout the catering and retail sectors. According to the Sina report, some 19 companies were reportedly taking part in trials in the city of Xi’an, with Starbucks, McDonald’s, and Subway among them. In reality, these firms have yet to join in the trials, which were set up to understand the effectiveness of the CBDC in common consumer situations.
China continues to test digital yuan at small scales.
According to the Chinese news outlet report, none of these firms have yet to participate in the trials, instead of accepting digital payments only through partners WeChat, Alipay, and QuickPass. None of the firms concerned have issued public statements about the trials, and none were available for comment on the matter. Digital yuan testing has been underway in China since April 2020, with the country reportedly at the forefront of the international drive to launch a central bank digital currency (CBDC). Digital currency wallets associated with digital yuan testing reportedly handled $162 million in transaction volumes this year.
Gas stations in Chinese tech hub Shenzen accept digital yuan.
As reported earlier, eleven gas stations in Chinese tech hub Shenzen are now accepting the digital yuan, China’s upcoming central bank digital currency, days after citizens received over $1.5 million in the currency as part of an ongoing pilot. The tests are being conducted by state agency Guangdong Petroleum, which launched the pilot on October 13 this week. To pay, citizens can scan a unique QR code available at the gas stations, similar to how commercial payment apps like Apple Pay work.