Starbucks is not testing “digital yuan”
Starbucks has officially refuted rumours concerning its involvement in the development of the so-called “digital yuan”. The company’s representative has stated, that it is in no way participating in the trials in China.
The claims about coffee behemoth’s involvement appeared about a week ago. Reports showed up mostly in Chinese media and stated, that a few large retail and service companies are going to participate in pilot trials of China’s central bank’s digital project. The testing will allegedly take place in the commercial district of Xiongan. The project itself is currently called “DC/EP” which stands for “digital currency/electronic payment”. It is also known as “digital yuan”.
Reports claimed, that Subway and McDonald’s are also going to take part in the tests. Their representatives have not yet commented on the issue Shops and supermarkets owned by Chinese retail conglomerates are also reported to take part in the tests.
The tests of the China’s central bank’s new digital currency will supposedly take place this May. Whether it will feature any blockchain elements remains unknown. It is known, however, that it will initially be used to subsidize the transit of public workers. Alibaba has reportedly took part in the development process.