The digital yuan, cryptocurrency issued by the Central Bank of China, has its first use case in Beijing, more specifically in the Fengtai district. The Mancat coffee shop chain is one of the first entities in that city to accept the currency that is still in its experimental phase.
Customers of these coffee shops can now scan with your mobile phone the QR code provided by the stores to make payments. For this, it is necessary that they previously have a balance in this central bank digital currency (CBDC for its acronym in English).
The journalist known as “Wu Blockchain” called Mancat “a small, low-end, low-quality local coffee shop.” It differentiated it from bigger companies like Starbucks, Costa and Luckin, also present in Beijing. Due to its lower influx of customers, Mancat would be ideal for a small scale experimental trial like the one done here.
As reported by a manager of the coffee shop chain, unlike what happened in previous tests, this company installed a sales information management system incorporating the digital yuan as currency.
Read more: https://www.explica.co/the-digital-yuan-has-its-first-use-case-in-chinas-capital/