{"id":13542,"date":"2021-10-24T17:54:04","date_gmt":"2021-10-24T17:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/beijing-presses-fast-food-chain-mcdonalds-to-support-digital-yuan-chinas-cbdc-expected-to-launch-in-february\/"},"modified":"2021-10-24T17:54:04","modified_gmt":"2021-10-24T17:54:04","slug":"beijing-presses-fast-food-chain-mcdonalds-to-support-digital-yuan-chinas-cbdc-expected-to-launch-in-february","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/beijing-presses-fast-food-chain-mcdonalds-to-support-digital-yuan-chinas-cbdc-expected-to-launch-in-february\/","title":{"rendered":"Beijing Presses Fast-Food Chain McDonald\u2019s to Support Digital Yuan \u2014 China\u2019s CBDC Expected to Launch in February"},"content":{"rendered":"

According to a recent report, Beijing is pressing the fast-food retail chain McDonald\u2019s 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. <\/strong><\/p>\n

Chinese Government Pushes McDonald\u2019s, Visa, Nike to Accept CBDC<\/h2>\n

The People\u2019s 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<\/a>\u2019 (FT) unnamed sources, the Chinese government wants McDonald\u2019s to get on board with the digital yuan. FT notes that a large quantity of McDonald\u2019s restaurants in Shanghai are currently testing China\u2019s CBDC.<\/p>\n

Now Beijing is pressing the company itself to get more McDonald\u2019s restaurants to follow Shanghai\u2019s lead. A source stemming from McDonald\u2019s told FT: \u201cShanghai is our pilot city and we will learn from customers\u2019 response.\u201d The information regarding the pressure from the Chinese government derives from sources that are \u201cclose to China\u2019s financial regulators,\u201d the report emphasized.<\/p>\n

China Is Gunning for a Winter Olympics Roll-Out \u2014 Digital Yuan Testing Continues to Increase<\/h2>\n

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<\/a> the CBDC for investment funds and insurance services.<\/p>\n

For the first time, China\u2019s CBDC was leveraged<\/a> in the country\u2019s futures market at the end of August. In mid-July, the country published the digital yuan\u2019s white paper,<\/a> which described smart contracts and tracing large transfers.<\/p>\n

On July 10, the digital yuan\u2019s wallet was opened<\/a> to 10 million Chinese citizens and the following day a report noted<\/a> that over $40 million in \u2018digital yuan red envelopes\u2019 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\u2019s only three months away.<\/p>\n

Meanwhile, as China\u2019s CBDC is leaps and bounds further ahead than most countries, Federal Reserve chairman Jerome Powell said at the end of September that he doesn\u2019t think<\/a> the U.S. is behind the eight-ball in terms of a CBDC launch.<\/p>\n

What do you think about the Chinese government pressing McDonald\u2019s, Visa, and Nike to accept the digital yuan before February 2022 for Beijing\u2019s Winter Olympics? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, Beijing Winter Olympics, CBDC, CBDC pilot, China, Chinese Government, Digital Red Envelopes, Digital Yuan, e-CNY, Fast-Food Chain McDonald’s, Federal Reserve, financial times, FT, jerome powell, mcdonalds, Nike, PBOC, People’s Bank of China, red envelopes, report, sources, Testing, US, VISA, Winter Olympics Roll-Out<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a recent report, Beijing is pressing the fast-food retail chain McDonald\u2019s 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…<\/p>\n","protected":false},"author":0,"featured_media":13543,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13542"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13542"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13543"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}