As China strives to heal from the COVID-19 outbreak, new details have emerged about its Central Bank Digital Currency (CBDC) from the Chinese Government, including a connection to Starbucks and other western businesses. The token will now be tested in the Xiong’an New Area among other Chinese cities.
ChainNews, a Chinese media outlet, had recently released some alleged information about the token in regards to a pilot promotion meeting that was held in the Xiong’an New Area where the token will be tested. The meeting was reportedly organized by the Reform and Development Bureau of the Xiong’an New District Management Committee.
Various institutions involved in the research and development of the digital renminbi (DCEP) including the Shijiazhuang Center Sub-branch of the People’s Bank of China were in attendance at the meeting. The primary topic of discussion was the pilot testing of the token moving forward. The usage of the token is now being geared towards the retail sector in the region. Prior to this, it was used in Suzhou for travel subsidies.
Some of the 19 institutions on the list to be used for testing the token include Zhonghai SPV, Jinfeng Catering, Jiankun Catering, Kaili Hotel, Oscar Studios, McDonald’s, Starbucks, Subway, Golden Baihe, and Cainiao Inn.
A working branch of the Chinese central bank will also be developed in the test city, in line with plans to create a digital city in Xiong’an New District. The development of the token in itself is seeing rapid progress, with the Agricultural Bank of China and Bank of China reportedly working on a wallet for the token in the Chinese cities of Shenzhen, Suzhou, Xiong’an New Area, and Chengdu.
Founder and CEO of Binance, Changpeng Zhou took to Twitter in expressing his support on the testing,“China put a heavy focus on rebuilding the economy after the C19 pandemic, including pushing the blockchain economy”.
China put a heavy focus on rebuilding the economy after the C19 pandemic, including pushing the blockchain economy. https://t.co/zLKav79KnC
— CZ Binance 🔶🔶🔶 (@cz_binance) April 24, 2020
[image credit : Skalex]