Report: Starbucks and McDonald’s Could Try out China’s Digital Currency

Here’s something interesting. The Block, citing Chinese media outlet InterChain Pulse, says that American food giants Starbucks and McDonald’s may be among the first international firms to try out China’s central bank digital currency.

The companies were reportedly invited to an exclusive “pilot promotion meeting” involving the digital yuan in the Xiong’an New Area.

The meeting – purportedly organized by the reform and development bureau of the Xiong’an New Area management committee – had 19 participants including Subway, popular dumpling chain Qing-Feng Baozi, and several other retail and food companies. The gist is that the invited companies could try out the currency in the Xiong’an New Area.

China’s digital yuan had been ready for testing since late 2019. As previously reported, pilots in Shenzhen and Suzhou had been arranged, with a wide promotion planned for the former this year.

Photo: Kenny Louie from Vancouver, Canada