Beijing presses Fast-Food Chain McDonald's supports the digital Yuan-Chinas CBDC is expected to start in February

According to a current report, Beijing is urging McDonald’s' fast food retail chain to support the digital Yuan before the Olympic Winter Games planned for February 2022 in China. The report notes that China also urges companies such as Visa and Nike to introduce itself to the introduction of the digital currency of the central bank (CBDC).

Chinese government is urging McDonald’s, Visa, Nike, CBDC

The People's Republic of China is preparing for the complete introduction of the CBDC in February 2022 during the introduction of the Winter Olympics in Beijing. Loud Financial Times (ft), according to the Chinese government, that wants to McDonald’s goes on board with the digital Yuan. FT notes that a large number of McDonald’s restaurants in Shanghai is currently testing Chinas CBDC.

Now Beijing is urging the company itself to get more McDonald’s restaurants to follow the example of Shanghais. A source of McDonald’s told FT: "Shanghai is our pilot city and we will learn from the reactions of customers." The information about the pressure of the Chinese government comes from sources that "are close to the Chinese financial supervisory authorities," emphasized the report.

China strives for rollout of the Olympic Winter Games-digital Yuan tests continue to increase

Every day China seems to be closer to the introduction of digital Yuan, since messages are regularly leaked through the tests to the media. Two prominent financial institutions, the China Construction Bank (CCB) and the Bank of Communications (BoCom), are, for example, test the CBDC for investment funds and insurance services.

For the first time, Chinas CBDC on the appointment of the country at the end of August. In mid-July the country published the Yuan, described the smart contracts and the persecution of large transfers.

On July 10th was the wallet of the digital Yuan opened at 10 million Chinese citizens and next day notes over 40 million US dollar in "digital Yuan-red envelopes ”. The country seems to be ready to start the CBDC until the 2022 Winter Olympics, but it is only three months away.

Since China's CBDC is meant on the meantime than most countries, said the chairman of the Federal Reserve, Jerome Powell at the end of September that He does not think the USA is in relation to a CBDC introduction.