China propels McDonald's to Expand the Digital Yuan Scheme before Olympics.
The Digital Yuan Scheme is full-fledged rolling out in China following its crackdown on Bitcoin mining and other related services. As a consequence of this, China is reportedly pushing the expansion of this scheme including everywhere, especially at the fast-food retailer McDonald’s.
The master move!
China has asked the McDonald’s chain to expand a trial of Digital Yuan payment systems. Chian added that the implementation should happen before the commencement of the Beijing Winter Olympics. This is a really cool move by China, creating a huge impact on the cryptocurrency market worldwide.
When a superpower like China hosts the winter Olympics, it would be the hotspot for almost all the leading media and networks, covering day-to-day updates in China. So, accepting Digital Yuan across the country especially in a hot-selling franchise is the master move!
Fiat but digital
China on its Go Green mission incurred a ban on Bitcoin and other related services offered by the cryptocurrency exchanges. As an alternate, the country’s central bank launched digital currencies known variously as the digital yuan, e-RMB, e-renminbi, or e-CNY. This digital currency is now being trailed across the nation and ready for the launch taking place around the Winter Olympics (Feb 2022).
Sounds futuristic? Nah! Digital Yuan wallets are already being tested at 270 McDonald’s stores in and around Shanghai.
Are Nike and Visa accepting Digital Yuan?
Sources say that the Chinese government is urging companies across the country to roll out the revolutionary payment system more widely as quickly as possible (The Winter is coming!). China also pressurized other retailers like Nike and Visa to follow the suit, but they declined to comment.
The Bank of China is asking vendors in Shangai to enroll in the Digital yuan program, but an option to refuse is always available.
If this massive attempt by China turns out to be successful, there will be a huge impact on the price of Bitcoin, which will obviously make other coins hit the floor. What still holds the price of Bitcoin is its widespread adoption in developing nations (Of course India and Pakistan play a major role).