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Starbucks, McDonald’s and Subway among 19 companies to test China’s digital currency

Representatives from government agencies, China's four state-owned commercial banks, Ant Financial and Tencent, among others, have met to discuss the initiative

Starbucks and McDonald's are reportedly among 19 restaurants and retail shops that will be testing China's central bank digital currency in Xiong'An New District.

The Reformation and Development Commission of the Xiong'An district in Hebei province have gathered together to discuss the rollout of a pilot for China's digital yuan initiative.

The meeting involved representatives from government agencies, China's four state-owned commercial banks, Ant Financial and Tencent, as well as 19 restaurants, entertainment and retail shops that will participate in the test.

Well-known names included McDonald's, Starbucks, Subway and JD Supermarkets, among others. The government report cited does not specify when the test would likely start or how long it would last.

The pilot of central bank digital currency in Xiong'an is said to be a step in the construction of a digital city in Xiong'an New District.

The Agricultural Bank of China has already developed a test user interface for a DC/EP wallet that features how the digital yuan would be transacted.

The test application, initially available for download, also showed that the test was carried out in the cities of Chengdu, Suzhou, Shenzhen and the Xiong'An New District.

The People's Bank of China confirmed the ongoing testing efforts and emphasised "it does not mean the digital yuan has been launched officially".

Established in 2017, Xiong’an New Distirct is China’s 19th national-level new district and economic zone.

FURTHER READING: China files 80 patents related to digital currencies

FURTHER READING: China reaffirms its commitment to digital yuan

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