Chinese Government Pressures McDonald's to Expand Digital RMB Implementation Tests
It is reported that the Chinese government has instructed McDonald's to expand the digital RMB test conducted at stores in Shanghai in time for the Beijing Olympics to be held in February 2022. ..
China presses McDonald's to expand e-currency system before Olympics | Financial Times
China Pushes McDonald's to Expand Digital Yuan Scheme Before Olympics --Decrypt
https://decrypt.co/83878/china-pushes-mcdonalds-expand-digital-yuan-scheme-olympics
China's Pressure Ahead of CBDC Rollout | PYMNTS.com
https://www.pymnts.com/cryptocurrency/2021/chinas-pressure-ahead-of-cbdc-rollout-points-to-privacy-issues/
China's Central Bank Digital Currency (CBDC) 'Digital RMB' is scheduled to start full-scale service before and after the Beijing Olympics to be held in early February 2022, and as of 2021, various tests have been conducted. It is done. For McDonald's, we are testing digital wallet payments at 270 stores in Shanghai.
The Chinese government has instructed McDonald's to introduce the payment system more widely, and pressured companies such as Nike and VISA to take similar steps, according to a report by the Financial Times. It seems that he is calling. Nike and Visa declined to comment on the matter, but a McDonald's spokeswoman said, 'Shanghai is our pilot city and we can learn from customer reactions.'
The state-owned Bank of China, which is also one of the sponsors of the Beijing Olympics, is encouraging companies in the Shanghai area to enroll in the Digital RMB program, according to Financial Times sources who are close to Chinese financial regulators. He explained that he is free to refuse, although he is supporting the efforts.
The Digital RMB Program is a CBDC project that started in 2017 and is one of the most advanced projects in the world. The CBDC is similar to 'Stablecoin', but differs greatly in that it is supported by the state. Also, unlike cryptocurrencies, CBDCs are generally not based on decentralized blockchains and transaction records are managed by the central bank.
For this reason, there is a view that the Chinese government's crackdown on Bitcoin in the summer of 2021 aimed to reduce the rivals of the digital RMB.
Responses to the digital yuan vary, calling for a ban on athletes from receiving or using the digital yuan during the Beijing Olympics, saying it could be used to monitor Chinese citizens and foreigners visiting China. There are also American senators.
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