China pushes businesses around the world Digital Yuan accepts the 2022 Winter Olympics
The digital yuan is back in theXOspotlight again. After the torch for the 2022 Olympic Winter Games in Beijing was lit on Oct. 18, The Chinese government plans to launch a digital yuan trial for the first time. Amid critics, many foreign businesses are under pressure to cooperate with China in providing support for the digital currency.
The Financial Times reports that China is accelerating the development of support systems. “Digital Yuan” (E-CNY), a digital currency issued by China's central bank. by aiming to be ready for a full trial in "Beijing Games" to be held in February 2022, which if successful China will be the launch country. The world's first "Central Digital Currency" (CBDC).
Currently, the Chinese authorities have allowed businesses to join the digital yuan payment system. which is not only Chinese companies. But many foreign businesses have come under pressure from Chinese authorities to agree to enable the system.
McDonald's, the fast food giant It is one of the major companies participating in the digital yuan payment pilot program, covering around 270 stores in Shanghai so far. But the Financial Times reported that McDonald's is also under further pressure to expand its digital yuan payment system in its stores across China.
Although McDonald's has confirmed that “Accepting the digital yuan system is a business decision. taking into account the interests of customers And there is no pressure at all,” but did not answer the question of whether there will be more branches to support the use of the digital yuan.
The Financial Times also said Visa, one of the main sponsors of the Winter Olympics, and US national team sponsor Nike, were also under pressure. But Visa and Nike both declined to answer questions about pressure from Chinese authorities.
Darrell Duffy, chief economist of the Hoover Institute's digital yuan program. Stanford University said: “Big US companies will also be pressured to recognize the importance of the digital yuan. as many large retailers are under such pressure.”
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