Starbucks and McDonald's to test digital Yuan?
It was another week of WTF moments for crypto. It’s the weekend now though, so no need for you to spend your downtime desperately scouring the internet to find out everything that happened. We’ve already done it for you. Kind souls that we are. Enjoy.
Starbucks and McDonald’s to join digital Yuan pilot?
There were more details about China’s digital Yuan released into the wild this week, and it’s looking likely some heavy hitters will be involved in the testing phase.
On Thursday, local media outlet InterChain Pulse reported “exclusive” information about a “pilot promotion meeting” of the digital currency held in Xiong'an New Area. On the guest list were 19 merchants, including Starbucks, McDonald's, and Subway. Also reportedly on the list were local hotels, convenience stores, a stuffed bun shop, a bookshop, and a baker. No candlestick maker, unfortunately. There were also a number of employees from the Xiong’an branches of four major commercial banks— the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and the China Construction Bank, as well as representatives from Tencent and Alipay.
A Bank of China official was also quoted as saying that by the 2022 Winter Olympics, the token will be in widespread use. Better get cracking.
The Netherlands want in on CBDC action
It feels like everyone is getting in on the CBDC act these days. Even the central bank of the Netherlands, De Nederlandsche Bank, said this week that it wants to be a world leader in the development of central bank digital currencies.
In a bulletin posted Tuesday, the bank said that the use of physical cash is "clearly" declining in the Netherlands, with less central bank-issued money being used for purchases.
The central bank asks therefore "whether central banks should provide a new type of money that is better attuned to the needs of citizens and firms." They further added that if the European Central Bank were to decide to test such a system as they recently expressed interest in doing, that they “are ready to play a leading role".
Could Europe get in before China? Will the Netherlands lead the way? Let us know your views on Twitter.