Cryptocurrency Isn’t The Future –  It’s Reality

Cryptocurrency Isn’t The Future –  It’s Reality

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Chinese McDonald’s Food Chain Accepts Cryptocurrency Digital Yuan

Chinese Food Chain McDonald’s accepts Digital Yuan
Image use licensed @rmalo5aapi via Twenty20 by Evanto Elements

Chinese McDonald’s Food Chain Accepts Cryptocurrency Digital Yuan

The government in China has been hell bent on circumventing cryptocurrency and anything related to crypto from taking hold. The government has all but made bitcoin and other cryptocurrency illegal. I find it rather interesting, that the Chinese government has its own cryptocurrency, the digital Yuan and is about to be used as a payment method in Chinese McDonalds, under pressure from the government, of course. The government has made it clear that cryptocurrency is not allowed unless the creators of the currency are the Chinese government.

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Neo is a cryptocurrencies created in China read more…

The digital Yuan undoubtable will have a tracking mechanism written into its blockchain. Similarly, the El Salvadorian Chivo bitcoin ATMs have a tracking system to identify users to prevent criminal activity.

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.

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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 me know what your thoughts, Lets start a conversation!

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