As China, the world’s second-largest economy pushes forward with its plans for an electronic currency, McDonald’s, Starbucks and Subway are among a handful of companies that have signed up for the digital yuan pilot program.
The People’s Bank of China (PBOC), the country’s central bank, has been developing a digital currency over the past few years. Reports are that it does not resemble the popular cryptocurrency bitcoin, which supports anonymity and decentralization. China’s digital yuan will be issued by the PBOC and the focus appears to be making digital payments easier and faster.
Nineteen companies will be participating in the digital currency trial in Xiong’an.
A Starbucks spokesperson though told mediapersons that the company is “not participating in any digital currency trial in China”.
McDonald’s and Subway were not immediately available for comment.
Xiong’an is a district in Hebei province and is President Xi Jinping’s personal project for building a new economic center.