Bitcoin News and Finance
Beijing Presses Fast-Food Chain McDonald’s to Support Digital Yuan — China’s CBDC Expected to Launch in February Skip to main content

Beijing Presses Fast-Food Chain McDonald’s to Support Digital Yuan — China’s CBDC Expected to Launch in February

Beijing Presses Fast-Food Chain McDonald's to Support Digital Yuan — China's CBDC Expected to Launch in February

According to a recent report, Beijing is pressing the fast-food retail chain McDonald’s to support the digital yuan before the Winter Olympics in China scheduled for February 2022. The report notes that China is also pushing companies like Visa and Nike to join in on the central bank digital currency (CBDC) rollout.

Chinese Government Pushes McDonald’s, Visa, Nike to Accept CBDC

The People’s Republic of China is preparing for its full roll-out of the CBDC in February 2022, during the introduction of the Beijing Winter Olympics. According to the Financial Times’ (FT) unnamed sources, the Chinese government wants McDonald’s to get on board with the digital yuan. FT notes that a large quantity of McDonald’s restaurants in Shanghai are currently testing China’s CBDC.

Now Beijing is pressing the company itself to get more McDonald’s restaurants to follow Shanghai’s lead. A source stemming from McDonald’s told FT: “Shanghai is our pilot city and we will learn from customers’ response.” The information regarding the pressure from the Chinese government derives from sources that are “close to China’s financial regulators,” the report emphasized.

China Is Gunning for a Winter Olympics Roll-Out — Digital Yuan Testing Continues to Increase

Every day, China seems closer to launching the digital yuan as news of the testing has been leaked to the media on a regular basis. For instance, two prominent financial institutions, China Construction Bank (CCB) and Bank of Communications (Bocom), are testing the CBDC for investment funds and insurance services.

For the first time, China’s CBDC was leveraged in the country’s futures market at the end of August. In mid-July, the country published the digital yuan’s white paper, which described smart contracts and tracing large transfers.

On July 10, the digital yuan’s wallet was opened to 10 million Chinese citizens and the following day a report noted that over $40 million in ‘digital yuan red envelopes’ has been dispersed since the project started. The country seems like it could be ready to launch the CBDC by the 2022 Winter Olympics, but it’s only three months away.

Meanwhile, as China’s CBDC is leaps and bounds further ahead than most countries, Federal Reserve chairman Jerome Powell said at the end of September that he doesn’t think the U.S. is behind the eight-ball in terms of a CBDC launch.

What do you think about the Chinese government pressing McDonald’s, Visa, and Nike to accept the digital yuan before February 2022 for Beijing’s Winter Olympics? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory