McDonald’s, Starbucks, & 19 Other Companies Rumored to Test China’s Digital Yuan

Multiple western news outlets, citing local Chinese reports, detail a number of firms set to test the Chinese central bank’s digital cryptocurrency in the country’s Xiong’An district. This move is part of the Xiong’an Smart City program.

Some notable names of companies said to be involved are McDonald’s, Starbucks, Subway, and JD supermarkets. In total, 19 companies, ranging from restaurants, entertainment, retail shops, hotels, and bookstores will participate.

The local media reported that the Reformation and Development Commission of the Xiong’An district is said to have convened a meeting on Wednesday regarding the roll-out of a pilot project for China’s digital yuan initiative.

This meeting allegedly involved representatives from numerous government agencies, China’s four state-owned commercial banks, Ant Financial, Tencent. As Cointelegraph notes, Ant Financial and Tencent are the companies behind Alipay and WeChat, respectively. These are currently the most widespread digital payment platforms.

This move adds to the reports building up around the use of a digital currency for the Chinese government. Cryptos.com previously reported early in April how the Peoples Bank of China (PBoC) are gearing up to launch a Blockchain-based Service Network (BSN) that approved entities can build their project

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