US multinationals are reportedly willing to help roll out China's digital currency

Monday 27 April 2020 11:05 CET | News

Starbucks SBUX, McDonald’s, and Subway chains in China have been named on the People’s Bank of China’s list of companies that will test the national digital currency soon, according to Forbes.

Even if it is unclear how those three US brands were chosen, it was a local decision to include those local franchises. This is not for McDonald’s nationwide in the mainland. This currency, referred to also as a digital yuan, will also be given a test at Chinese hotels, convenience stores, a bakery, a bookstore, and a gym in the Xiong’an New Area, a city being built south of Beijing.

On April 20, the WSJ reported that the digital currency rollout would happen outside of the Xiong’an New Area, and also some tests will be conducted in Shenzhen and Chengdu.

According to Forbes, two key enabling factors in China made it ripe for digital payments: high levels of bank account ownership (79%) and smartphone ownership, including in rural areas.
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Keywords: Starbucks SBUX, McDonald’s, SUBWAY, digital currency, China, smartphone, bank account, digital payments
Categories: DeFi & Crypto & Web3
Countries: China
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