Three United States-based fast food and beverage chains are participating in a new pilot of China's centralized cryptocurrency, CNBC reported Friday.
The latest pilot is being held in Xiong'an city in the Hebei province with a focus on retail and catering stores, CNBC noted based on an original report from China's state-backed Securities Times.
China has been working on developing its central bank digital currency (CBDC) project for nearly six years, but it seemed to have picked up pace since last year, as Facebook Inc. (NASDAQ: FB) announced its Libra cryptocurrency project.
An earlier report by Xinhua News Agency had suggested that further CBDC tests will be conducted in Shenzhen and Chengdu ahead of the 2022 Winter Olympics.
The People's Bank of China hasn't given any official date on the launch of the digital currency.
McDonald's shares closed 2.4% lower at $182.04 on Thursday and traded another 0.6% lower in the after-hours session at $181.00.
Starbucks shares closed 3% lower at $75.15 on Thursday and traded 0.2% lower in the after-hours at $75.
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