Starbucks, McDonald’s among 19 firms to test China’s digital yuan

According to InterChain Pulse, a local media outlet, restaurant giants Starbucks and McDonald’s are among 19 merchants that could test China's central bank digital currency (CBDC) in the country's Xiong'An new district. Pilot programs in Xiong'an new district will be targeted at food and retail companies, per the report.

Why it matters:

• China is inching closer to launching their digital currency. Last week the Agricultural Bank of China, one of China’s four state-owned banks, revealed it was trialing a test interface for the country's CBDC.
• With Libra’s recent 2.0 reveal, the race to get out a digital currency is heating up quickly. Both China’s CBDC and Libra are set to launch this year.

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