China: Starbucks does not test the digital yuan
Starbucks denied being involved in ongoing tests in China to experiment the use of the digital yuan.
A few days ago in fact, the news had circulated that the well-known American channel had signed agreements for perform payment tests in China with the new digital currency under study in the country.
Tests show they are about to leave and involve several companies, but apparently not Starbucks.
In fact, a company spokesperson explicitly stated that they do not participate in the testing process digital currency in China.
In fact, 19 other restaurants and retail stores in the Xiongan shopping district are said to be participating in tests of what is currently known as DC / EP, an acronym which actually means only digital currency / electronic payment, and which n may not be the final name.
Chains would also be involved in these activities McDonald’s and subway, which unlike Starbucks so far have not confirmed or denied so far.
Other stores would be convenience stores and supermarkets run by Chinese companies, while some public sector workers who are likely to receive transportation subsidies in this new currency would receive the tokens to spend on testing.
Testing of actual operating expenses is expected to begin in May, thanks to Alipay, the Agricultural Bank of China, Ant Financial and Tencent.
Therefore, in testing, they should be involved first financial intermediaries who will handle the transactions, citizens che will receive grants and businesses which will accept DC / EP payments from these citizens via the tools made available by financial intermediaries.
This CBDC could be the first in the world used on a large scale. It is not surprising that China is the first to conduct such tests with the intention of publishing a similar large-scale payment instrument.
One of the main objectives is to replace cash with traceable tokens much more easily, and since the Chinese are already widely used to making payments for example via messaging applications, such as WeChat, the dissemination of DC / EP might not be particularly difficult in the country.
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