The Strategist

McDonald’s and Starbucks to take part in testing digital yuan

04/24/2020 - 14:15

McDonald's and Starbucks, the world's largest network of fast-food restaurants and coffee shops, are among the companies that will take part in testing the payment system based on Chinese digital currency (DCEP).

Otto Magnus
Otto Magnus
In total, the list includes 19 shops and restaurants. It is noted that the meeting on the deployment of the DCEP pilot project in the region was held by the Xun'an District Reform and Development Commission in the Chinese province of Hebei.

The meeting was attended by representatives of four state-owned commercial banks in China, as well as Ant Financial, Tencent. Representatives of 19 restaurants and retail stores were invited to the meeting as well.

At the end of last 2019, the readiness of the digital renminbi for pilot tests was announced at the People's Bank of China.

The Agricultural Bank of China was the first to test the application for DCEP.

It is planned that in May, digital yuan will be distributed to officials of the four largest commercial state-owned banks in China. These are Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, China Construction Bank.