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Major Food Chains to be Among Testers of China’s New Digital Currency

Posted: Mon Apr 27, 2020 12:27 am
by mlawson71
China has been developing a digital yuan for quite a while now – since 2014. Recently that development entered a new stage as the country is planning for the digitial currency to be tested by major food chains like Starbucks, McDonald’s, and Subway.
A meeting was organized by the development and reform bureau of Xiong’an New Area management committee and in it participated certain cryptocurrency research institutions and pilot merchants. Among the latter were representatives of the abovementioned major food chains, plus a representative of he popular Chinese dumpling eatery chain Qing-Feng Baozi.
The other present parties, members of four large Xiongan banks - the Agricultural Bank of China, the Bank of China, the China Construction Bank, and the Industrial and Commercial Bank of China – were there to discuss the testing of the digital yuan.
China seems to be planning to launch the cryptocurrency in mid-2021.
The virus has likely spurred them to speed up whatever plans they had before, I have little doubt about that.

Re: Major Food Chains to be Among Testers of China’s New Digital Currency

Posted: Wed Nov 30, 2022 4:05 am
by HeavLeighGill
I see you posted this a while back but for some reason it's showing up under latest posts for me, so it caught my attention.
I think it's great that other countries have gotten on board with cryptocurrency and that is becoming more accepted as a payment method through a variety of companies these days. I see that there were concerns over this (surveillance or dominance over USD) but it seems to be performing well.