Yuan

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.

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.

The Ouhai police in Wenzhou, China, arrested 10 people belonging to a criminal gang running the Huobi Global Moving Brick Arbitrage HT Chinese Group Community scam project in Telegram. During the arrest, the police confiscated a luxury villa, cars, flagship smartphones, computers, as well as cryptocurrency totalling to over 100 million yuan.

According to the new Chinese civil code, the government has included cryptocurrencies such as Bitcoin (BTC) in its legally inheritable list of assets.

Although pilot tests for the digital Yuan have been launched and are happening progressively across four large Chinese cities, the governor of the Chinese Central Bank in a recent report by Xinhua news claimed no official date had been set for the launch of the long-awaited project.