According to the information obtained, the Bank of China digital currency (CBDC) test was carried out in the Xiongan New Area of Hebei Province of North China. Trials include catering and retail industries such as gigantic US chains Subway, Starbucks and McDonald’s.
News about the Chinese digital currency have appeared more frequently in the past few weeks than before. The latest local report on the issue claims that the test phase of money began in the Xiongan New Area. More specifically, local authorities organized a demonstration for the CBDC project on Wednesday afternoon. The participants were from different sectors. Employees from the local branches of four commercial banks – China Industrial and Commercial Bank, China Agricultural Bank, China Bank and China Construction Bank – participated in the testing phase. Interestingly, the trials included some well-known initiatives in the USA. These were the multinational coffee chain Starbucks, the giant fast food company McDonald’s and the specialty restaurant Subway.
If these negotiations are positive, we can see that China’s digital currency has begun to be used recently. Thanks to these brands, digit Yuan can spread in a shorter time.