According to the local media outlet InterChain Pulse report, restaurant giants Starbucks, McDonald’s, and Subway could test China’s central bank digital currency, which is scheduled to launch sometime soon. The local media outlet noted that it was “exclusively” informed about a “pilot promotion meeting” of the digital yuan held in Xiong’an New Area. The famous Chinese chain of dumpling shops Qing-Feng Baozi is also reported to be on the list of companies that will trial digital yuan.
Several digital currency research and development institutions attended the meeting.
InterChain Pulse reported that a “pilot promotion meeting,” took place in Xiong’an New Area. The meeting was reportedly organized by the reform and development bureau of the Xiong’an New Area management committee. Several digital currency research and development institutions and pilot merchants attended the meeting, according to the news report. Employees from the Xiongan branches of four major commercial banks, including the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and the China Construction Bank were also invited to the meeting. Representatives from Tencent and Alipay were also present.
Chinese CBDC is expected to launch soon.
An official from the People’s Bank of China recently confirmed that some state-owned banks are conducting internal tests of digital currency in four cities of Shenzhen, Suzhou, Xiong’an New Area, and Chengdu. The official further said that the digital currency could also be used in the 2022 Winter Olympics event. Earlier this year, it was reported that the central bank of China had halted its work on its digital currency DC/EP, but later it was clarified that the bank is going through with the digital currency as planned.
The digital currency is expected to launch later this year or in early 2021. However, the central bank of China has not announced any specific time period for the launch of the centralized digital currency. The PBoC has been working on its central bank-backed digital currency from the last five years or so. China will become the first major nation to launch a CBDC.
