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- The Washington-based chain of coffeehouses Starbucks revealed that it has not involved in currency trials in China.
- The news has been started rumouring the market last week reporting a number of prominent companies will participate in Chinese central bank’s digital yuan pilots.
- While this new currency will be firstly utilized in a collaborative pilot for workers’ transport subsidies in the city of Suzhou.
The Washington-based chain of coffeehouses Starbucks revealed that it has not involved in currency trials in China. According to the representative of Starbucks, they are not participating in the testing of China’s digital yuan.
A number of major companies will take part in the pilots
The news has been started rumouring the market last week reporting a number of prominent companies will participate in Chinese central bank’s digital yuan pilots. As per these sources, 19 restaurants including Starbucks and retail stores in a commercial district of Xiongan are looking to participate in the tests of DC/EP (digital currency/electronic payment).
Some major entities involved in these pilots include McDonald’s, Subway, along with Starbucks branches. Some other convenience stores and supermarkets run by Chinese companies were involved in the tests within Xiongan.
Notably, the report does not describe when the test will begin and how long it will last.
The currency will be used in a collaborative pilot for workers’ transport subsidies
Xiongan is one of supposedly many digital yuan test sites, where the public sector workers will be eventually getting their transport subsidies in this exclusive currency.
Meanwhile, it is stated that the central bank digital currency (CBDC) tests are commencing in May. While this new currency will be firstly utilized in a collaborative pilot for workers’ transport subsidies in the city of Suzhou.
Moreover, Alipay, an e-pay system affiliated to Alibaba and Agricultural Bank of China are involved in the process along with adding Alibaba’s blockchain and fintech subsidiary Ant Financial and leading tech king Tencent to the venture.
Recently, Starbucks announced its partnership with a significant investment industry Sequoia Capital China to boost Starbucks’ digital innovation in China.
