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China suggests Starbucks and McDonald’s to test their cryptocurrency

A meeting was held in Hebei Province, during which it was decided to attract 19 companies to participate in the testing phase of the digital renminbi.

19 catering, retail and entertainment retailers can be involved in testing the digital renminbi in Xion’an, Hebei Province. These include McDonald’s, Subway, Starbucks and the JD online store, the local edition of Chainnews reports citing informed sources.

The decision to attract companies was made yesterday, April 22. A meeting of the District Reform and Development Commission was held in Xionan regarding the pilot testing of the digital renminbi. The meeting was attended by several government agencies related to the development of the payment system, representatives of four state banks and companies that will be involved in the program.

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Yesterday it became known that more than 70 companies providing financial services in China, including Baidu, Tencent, Alibaba, JD and each of the four state-owned banks are implementing blockchain-based applications. Distributed ledger technology will be used for digital billing, payments and other purposes.

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