Based on a recent report, Beijing is pressing the fast-food retail chain McDonald’s to support the digital yuan earlier than the Winter Olympics in China scheduled for February 2022. The report notes that China is also pushing companies like Visa and Nike to join in on the central bank digital currency (CBDC) rollout.
Chinese Government Pushes McDonald’s, Visa, Nike to Accept CBDC
The People’s Republic of China is getting ready for its full roll-out of the CBDC in February 2022, during the introduction of the Beijing Winter Olympics. In response to the Financial Times’ (FT) unnamed sources, the Chinese government desires McDonald’s to get on board with the digital yuan. FT notes that a large number of McDonald’s restaurants in Shanghai are at the moment testing China’s CBDC.
Now Beijing is pressing the company itself to get more McDonald’s restaurants to comply with Shanghai’s lead. A source stemming from McDonald’s told FT: “Shanghai is our pilot city and we’ll study from customers’ response.” The data concerning the strain from the Chinese government derives from sources that are “near China’s financial regulators,” the report emphasized.
China Is Gunning for a Winter Olympics Roll-Out — Digital Yuan Testing Continues to Increase
Daily, China appears nearer to launching the digital yuan as news of the testing has been leaked to the media regularly. As an illustration, two outstanding financial institutions, China Construction Bank (CCB) and Bank of Communications (Bocom), are testing the CBDC for investment funds and insurance services.
For the first time, China’s CBDC was leveraged in the country’s futures market at the end of August. In mid-July, the nation printed the digital yuan’s white paper, which described smart contracts and tracing large transfers.
On July 10, the digital yuan’s wallet was opened to 10 million Chinese residents and the following day a report noted that over $40 million in ‘digital yuan red envelopes’ has been dispersed because the project began. The nation looks as if it might be able to launch the CBDC by the 2022 Winter Olympics, but it’s only three months away.
In the meantime, as China’s CBDC is leaps and bounds additional forward than most countries, Federal Reserve chairman Jerome Powell said on the end of September that he doesn’t suppose the U.S. is behind the eight-ball in terms of a CBDC launch.
Source: Bitcoin News
