US fast food giants such as Starbucks and McDonald’s are said to not participate in the current digital yuan tests in China.
China’s central bank’s digital currency, or CBDC, is still being tested on a “small scale”, mainly involving retail and food services, according to an October 14th Sina Finance news report.
It is reported that a number of foreign sellers rumored to be taking part in CBDC exams in China are not actually using the digital yuan for payment yet.
In Xiong’an, one of the largest Chinese cities controlling the digital yuan, 19 companies reportedly participated in the CBDC experiment, including Starbucks, McDonald’s, Subway and UnionPay’s Cloud Unmanned Supermarket.
However, according to Sina Finance, none of these companies have participated in digital yuan tests yet and only accept digital payments through WeChat, Alipay and QuickPass.
None of the companies have made any official statements about the digital yuan test. Starbucks and McDonald’s did not immediately respond to Cointelegraph’s request for comment.
Chinese authorities launched the first digital tests of the yuan in April 2020. On October 5, the Chinese central bank announced that currency-related portfolios processed $ 162 million in transactions between April and August 2020. The central bank spent $ 1.5 million to promote the currency. the lottery. According to the latest news, 2 million people entered the lottery to use the prize from 3000 participating merchants.