Starbucks, Subway, McDonald's Among Industry Giants to Test China's Digital Yuan in The Near Future

  • Reports show American corporate giants in line to test China’s long-awaited digital currency electronic system.
  • The trials are set to occur in China’s new city, Xiong’an, with the date remaining undefined.

In reports emerging from China, the DCEP system is set to begin testing across a number of companies including U.S. restaurant corporate giants including McDonald’s, Subway, and Starbucks. According to a media outlet, South China Morning Post, the People’s Bank of China (PBoC) is set to start its operational trials of the DC/EP in bars, retail stores, hotels, and other convenient stores in its new digital city, Xiong’an in the near future.

American companies selected to test China’s DCEP

The PBoC launched its initial plans to create its own “digital yuan” back in 2018 and has since made massive steps towards a potential launch. The central bank is currently aiming at launching the digital currency in its new tech city, Xiong’an, in the coming days with three U.S. based food chain giants – Starbucks, McDonald’s, and Subway being selected to test the platform.

The pilot program will also include a number of restaurants, hotels, bars, retail shops, institutions, universities, and scientific research institutions from smart city-related fields in Non-profit associations.

According to Mutual Chain Pulse, a local news outlet, a meeting between the heads of Xiong’an and DCEP leaders was held in the new area city on April 22, testing the pilot promotion meeting. The promotion meeting was organized by the Reform and Development Bureau of Xiong'an New District Management Committee.

What’s fascinating about the meeting is that top competitors in the digital payments field including Alipay and WeChat executives were present.

Competitors unite under DC/EP

The DCEP pilot program was launched by the Smart City Federation of Xiong'an New District and is part of the Smart City Project in Xiong’an which launched back in 2019 including different sectors of the economy including small and medium-sized enterprises, higher education institutions, research institutes, and technology companies.

According to Mutual Chain Pulse, the top directors of the Smart City Federation come from top firms such as Huawei, Tencent, Ali, Baidu, and Ping An.

Finally, the DC/EP is expected to conduct a dry run on the payment of state employees in Xiangcheng District of Suzhou later in the year. The project is headed by four banks in the region including Commercial Bank of China, the Agricultural Bank of China, the Bank of China, and the China Construction Bank.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,485FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today