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China is pressing the fast-food retail chain McDonald’s, Visa, and Nike to support the digital yuan in time for the Beijing Winter Olympics in February 2022.
A large number of McDonald’s restaurants in Shanghai are reportedly currently testing China’s central bank digital currency (CBDC).
Now, Beijing wants McDonald’s to get more of its restaurants to follow Shanghai’s lead.
Two prominent local financial institutions, China Construction Bank (CCB) and Bank of Communications (Bocom), are also reportedly testing the CBDC for investment funds and insurance services.
The digital yuan’s wallet was opened to 10 million Chinese citizens on July 10.
The following day, it was reported that over $40 million in ‘digital yuan red envelopes’ has been dispersed.
