October 21, 2020

Media: Starbucks and McDonald’s will take part in testing the digital renminbi

Starbucks and McDonald’s are among the 19 restaurants and retail stores to be tested state cryptocurrency of China in the Xunan region.

According to local media with reference toa government document, the Xionan District Reform and Development Commission in Hebei Province convened a meeting this week on the deployment of a China state cryptocurrency pilot project.

The meeting was attended by representativesgovernment agencies, four state-owned commercial banks in China, Ant Financial, Tencent, as well as 19 restaurants and retail stores that will test the state cryptocurrency.

According to the publication, among the participants in the meeting were representatives of McDonald’s, Starbucks, Subway and JD Supermarkets. The publication does not specify when testing will begin and how long it will last.

Last week, Chinese Agricultural BankBank of China (ABC), one of the participants in the pilot program of the Central Bank of China, began testing the interface of the payment system of the national digital currency. At the beginning of this week, the NBK representative announced that testing of the digital renminbi will be held in Chengdu, Suzhou, Shenzhen and Xionan.

Last week, it was also reported that in May, employees of the Suzhou municipality will receive a portion of their payments in state cryptocurrency.