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Unwire.pro reported that China is developing electronic money to digitize the Renminbi (Chinese Yuan). Closed beta testing has recently begun in individual locations, and foreign companies such as McDonald's and Starbucks will reportedly join the pilot trial.

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Image from Thespoon.tech

As one of the pilot sites for the Digital Renminbi (DC/EP, Digital Currency/Electronic Payment) program, the Xiongan New District in Hebei Province will begin experimenting with this new currency model, where the focus will be on the restaurant and retail sectors, unlike Suzhou, which focused on testing transportation subsidies. Among the participating businesses are Chinese companies such as Yz.Cainiao.com, UnionPay Unmanned Supermarket, Jingdong (Joy Buy) Unmanned Supermarket and Jinfeng Catering, in addition to McDonald's, Starbucks and Subway in the list, indicating that international companies are involved in supporting the project.

The testing program is currently underway in Suzhou, Shenzhen, Xiongan New District, Chengdu, and the 2022 Beijing Winter Olympics venue, and the Central Bank of China has indicated that DC/EP will all remain in limited operation in the testing environment in the near term, with a long way to go before they are officially open for use. But this test all had independent working groups at their respective test sites, allowing the program to work better with the local administration and related industries.
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