As China is planning to launch its digital currency, Digital Yuan anytime soon, the country is going through several trials. Recently it is reported that the pilot tests are still going on, on a small scale and both retail and catering industries are involved in these trials. Amid this, it is noted that Starbucks and McDonald’s which are American fast-food giants are not participating in the ongoing Digital Yuan tests.
Starbucks and McDonald’s Among 19 Major Companies in CBDC Pilot
It has been noticed that most of the companies which were rumored to be the part of this pilot test are not using the Digital Yuan for payments. Even though Starbucks and McDonald’s were among the 19 major companies in the CBDC pilot test, they are still not taking part in it. Other major companies are Subway and Unmanned Automated Supermarket and the cloud project of UnionPay. It is revealed that none of these firms have participated in the ongoing tests and they are accepting digital payments through Alipay, QuickPass, and WeChat only.
Firm Have Not Issued Official Statements About Testing Digital Yuan
It has been quite some time since the People’s Bank of China (PBOC) has announced these CBDC trials. Still, none of the companies have issued any official statements regarding the Digital Yuan testing. Both Starbucks and McDonald’s have not given any explanation for not taking part in the CBDC pilot. The first Digital Yuan test was launched by the Chinese authorities in April 2020 and now to promote Digital Yuan, PBOC is conducting a lottery worth $1.5 million and it is revealed that around 2 million people have already applied for this lottery. Once all the pilot tests will be completed successfully and the central bank will be satisfied with its performance, Digital Yuan will be launched officially.