17 Apr McDonald’s China Told to Expand Digital Yuan Trial
McDonald’s is being urged to expand its trial of the digital yuan to a greater number of restaurants across China, according to the Financial Times.
Although the central bank digital currency is being tested at 270 of the fast food giant’s outlets in Shanghai, officials are keen for this payment method to be more widely available.
The FT claims that other American companies operating on the mainland — Nike and Visa among them — are also being pushed to accept the digital yuan.
Beijing has been determined to ensure that its CBDC is available nationwide ahead of the Winter Olympics, which are due to begin in February 2022, but the pandemic may have resulted in these ambitions being curtailed.
One analyst quoted by the newspaper indicated that the digital yuan would be given a reputational boost if it is embraced by American brands.
China is exceedingly advanced when it comes to the rollout of a central bank digital currency — streets ahead of the U.S.
But there have been concerned that Beijing’s CBDC could compromise privacy, with officials sharing a vision that the digital asset will offer “controllable anonymity.”