China Tests Digital Currency at Starbucks and McDonald's

[Asia Economy Beijing=Special Correspondent Park Sun-mi] Foreign retail chains such as Starbucks and McDonald's will also participate in the pilot use of digital currency issued by the People's Bank of China.

On the 24th, China Global Times reported that a briefing on the use of digital currency was held on the 22nd in Xiong'an New Area near Beijing, one of the pilot regions for the People's Bank of China's digital currency, and among the participating companies were American affiliates Starbucks and McDonald's.

Xiong'an New Area plans to start using digital currency at various test sites including hotels, restaurants, convenience stores, coffee shops, fast food outlets, and cinemas within Longcheng County.

Xiong'an New Area is a national-level economic development zone known as the 'Xi Jinping New City.' It is also a place where pilot operations of cutting-edge technologies such as 5G technology, Internet of Things, artificial intelligence, and autonomous driving are actively underway.

Last week, the People's Bank of China officially announced that it is conducting digital currency distribution tests, confirming that closed tests are being conducted not only in Xiong'an New Area but also in Shenzhen, Suzhou, Chengdu, and locations where the Winter Olympics will be held in the future. On social networking services (SNS), screenshots of the People's Bank of China's digital currency electronic wallet also became a hot topic.

Once China's 'digital yuan' is officially issued soon, China will become the first major country in the world to use a legal digital currency.

This content was produced with the assistance of AI translation services.