China may be making plans to include its central bank digital currency (CBDC) in international transactions.
Pundits have, in the past, predicted that China’s planned digital currency electronic payment (DC/EP) project could be used in wresting global dominance away from the greenback. Reports point to Beijing, forcing smaller debt-laden nations into expanding use of its digital yuan.
As previously reported on BeInCrypto, CBDC testing is already in advanced stages, with videos showing features like the ability to move funds from checking accounts to DC/EP wallets.
Four cities are reportedly involved in the CBDC pilot with global restaurant and fast-food franchises like Starbucks and McDonald’s invited to participate.
Reports also indicate that the planned CBDC could arrive sooner than expected to aid in COVID-19 stimulus package payments. The country’s central bank governor has, however, come out saying there is no official timetable for the launch of the DC/EP.