{"id":41483,"date":"2021-10-20T10:59:00","date_gmt":"2021-10-20T08:59:00","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=41483"},"modified":"2021-10-20T10:59:00","modified_gmt":"2021-10-20T08:59:00","slug":"china-forces-mcdonalds-to-adopt-cbdc-before-olympics","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/china-forces-mcdonalds-to-adopt-cbdc-before-olympics\/","title":{"rendered":"China forces McDonald’s to adopt CBDC before Olympics"},"content":{"rendered":"

The Chinese government is forcing McDonald\u2019s to deploy the digital renminbi payments system at restaurants. It seems the restaurants should deploy the system before the Beijing Winter Olympics.<\/span><\/p>\n

<\/p>\n

It\u2019s a controversial decision from the government that sims a plan for growing the CBDC<\/a> in the most sports event of the year. China is planning to launch the first major digital currency in the world, and this new mandate is a step toward promoting the currency. But many experts and authorities are concerned about the security issues of this decision.<\/span><\/p>\n

It looks like McDonald\u2019s isn\u2019t the only company forced to deploy CBDC payment systems. According to a report by <\/span>Financial Times<\/span><\/a>:<\/span><\/p>\n

\u201cThree people familiar with the situation said China was pushing some US companies to install systems to allow consumers to pay for their products in digital renminbi by the opening of the Beijing Games in February.\u201d<\/span><\/em><\/p>\n

McDonald\u2019s is currently supporting the e-CNY currency in some restaurants in the pilot program. Consumers can use their digital wallets in 270 locations in Shanghai. But the latest mandate says the hamburger chain should support this type of payment in all of its locations in China. There is still no official comment from McDonald\u2019s in accepting or rejecting the mandate. The company just says that it\u2019s testing the CBDC payment in Shanghai and will continue the deployment program based on the comments and feedback from customers.<\/span><\/p>\n

\"\"<\/p>\n

Some sources claim that Visa and Nike are under pressure to support CBDC payment before the Olympics, too. But none of these companies commented about the matter.<\/span><\/p>\n

Experts believe the latest mandate to use e-renminbi isn\u2019t meant to force US companies. The Chinese government wants to roll out its CBDC faster and is looking for the best way to promote it. US companies have a considerable presence in China, and accepting the new digital currency by them in a big event like Winter Olympics can be a great start for the Chinese CBDC.<\/span><\/p>\n

Some sources say that the Chinese government and the Bank of China aren\u2019t really forcing companies to accept the e-renminbi. The bank is trying to get merchants in the Game zone to sign up for the new payment system, but they\u2019re all free to refuse.<\/span><\/p>\n

The real worry among US critics is that the Chinese government will have access to the financial activities of their companies in that region. They believe that Washington should be more careful about these new policies. Anyway, none of the claims are official yet, and we should wait the next weeks and see if new companies are forced to accept the CBDC payment in the Game zone of the Winter Olympics in Beijing.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Chinese government is forcing McDonald\u2019s to deploy the digital renminbi payments system at restaurants. It seems the restaurants should deploy the system before the Beijing Winter Olympics.<\/p>\n","protected":false},"author":13,"featured_media":41487,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,74],"tags":[5321,4638],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/41483"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=41483"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/41483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/41487"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=41483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=41483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=41483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}