China’s economy is the second-largest in the world and economists believe the country may someday bring a new global order and end the Western hemisphere’s financial rule. In 2020, various reports show that China’s central bank will soon release a cryptocurrency that represents a digital yuan. This week, regional reports show that 19 well known restaurants including Starbucks, Subway, and McDonald’s will be testing the bank’s virtual currency.
China’s Digital Yuan Is Becoming a Reality
Reports this week detail that the People’s Bank of China is making headway with its digital yuan testing. Rumors of China creating a digital yuan or a central bank digital currency (CBDC) have been happening since 2013. Four days ago, the PBoC confirmed the existence of a CBDC after a number of photos went viral on social media. The PBoC made a statement about the screenshots and explained that the bank was testing. “The rumored information on the internet is part of the test in our research and development process and it does not mean the digital yuan has been launched officially,” the PBoC said.
Now regional reports indicate that 19 popular restaurants and retail establishments will be testing the digital yuan. The financial news columnist noted that Tencent and Ant Financial participated as well as JD Supermarkets, Starbucks, Subway, and McDonald’s. Various Chinese lawmakers are experimenting with the test and there is testing happening in Suzhou and the country’s Xiong’An new district. In Suzhou, it is rumored that Chinese government employees may soon be paid using the PBoC’s CBDC.
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