Skip to main content

Beijing Presses Fast-Food Chain McDonald’s to Support Digital Yuan — China’s CBDC Expected to Launch in February

Beijing Presses Fast-Food Chain McDonald's to Support Digital Yuan — China's CBDC Expected to Launch in February

According to a recent report, Beijing is pressing the fast-food retail chain McDonald’s to support the digital yuan before 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 preparing for its full roll-out of the CBDC in February 2022, during the introduction of the Beijing Winter Olympics. According to the Financial Times’ (FT) unnamed sources, the Chinese government wants McDonald’s to get on board with the digital yuan. FT notes that a large quantity of McDonald’s restaurants in Shanghai are currently testing China’s CBDC.

Now Beijing is pressing the company itself to get more McDonald’s restaurants to follow Shanghai’s lead. A source stemming from McDonald’s told FT: “Shanghai is our pilot city and we will learn from customers’ response.” The information regarding the pressure from the Chinese government derives from sources that are “close to China’s financial regulators,” the report emphasized.

China Is Gunning for a Winter Olympics Roll-Out — Digital Yuan Testing Continues to Increase

Every day, China seems closer to launching the digital yuan as news of the testing has been leaked to the media on a regular basis. For instance, two prominent 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 country published 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 citizens and the following day a report noted that over $40 million in ‘digital yuan red envelopes’ has been dispersed since the project started. The country seems like it could be ready to launch the CBDC by the 2022 Winter Olympics, but it’s only three months away.

Meanwhile, as China’s CBDC is leaps and bounds further ahead than most countries, Federal Reserve chairman Jerome Powell said at the end of September that he doesn’t think the U.S. is behind the eight-ball in terms of a CBDC launch.

What do you think about the Chinese government pressing McDonald’s, Visa, and Nike to accept the digital yuan before February 2022 for Beijing’s Winter Olympics? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3m7cLu0
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more