China

Global fast-food giants McDonald’s and Starbucks have never been included into the trials of digital yuan. None of the brands confirmed its participation in the testing program.

The forced digitizations of nearly all industries worldwide makes traditional players adjust and set standards for innovative solutions. Thus, the G20’s Financial Stability Board (FSB) is set for developing a framework for adopting CBDC.

Several countries, including the US and China, are working on their own digital currencies (Central Bank Digital Currency or CBDC). Is this about giving people more freedom over the payments or control over the financial flow? What is in it for the government and its citizens?

First internet hospital will be launched in China in early 2021. The institution is going to apply blockchain technology and provide internet medical service using WeChat app.

It seems the rumours about the launch of digital dollars have been confirmed. The US Federal Reserve has been making actual efforts to launch their Central Bank Digital Currency (CBDC).

When released, China’s Central Bank Digital Currency (CBDC) might replace fiat yuan in circulation. At least, that was what Fan Yifei, the Deputy Chairman of the People’s Bank of China (PBoC), stated in his article published at Financial News local outlet.

The People’s Bank of China is not going to expand trials of its CBDC to large volume transactions. For now, at least.

The COVID-19 pandemic has changed the world a lot. The lockdown affected most global industries, having caused one of the biggest crises for the past decades. However, world financial experts predict the situation can become even worse and lead to the complete death of the US dollar.

As the idea of issuing the Central Bank Digital Currency (CBDC) is gaining traction worldwide, China makes practical steps to make their digital yuan release closer. Now, the country is going to expand its trials to test the CBDC potential on a larger scale.