American Companies to Join Chinese Cryptocurrency Pilot Program

McDonald’s, Starbucks, and other major companies are all putting their heads together to work in a cryptocurrency pilot program, according to the International Business Times.

The program is being hosted by China, and will house 19 total companies involved.

Everything, of course, is being run by the People’s Bank of China, which have been adamant about cryptocurrency and blockchain in the past. Should its currency launch run right, it will work with the WeChat Pay and Alipay applications which are popular in the country.

Speaking previously on the cryptocurrency is Mu Changchun, the deputy director of the bank’s payment departments, who stated:

“Where we are now is just like in a horserace, when several designated institutions are taking different technical routes for developing the digital currency and electronic payment. The winner will be the one who has the best approach, accepted by the public and the market. So that is a process of market competition.”

Of course, the asset is said to be going up against Libra, and will probably launch before it if rumors are to be believed.

Libra, often a big topic of criticism within the cryptocurrency community, was recently revamped by the team to better serve regulatory concerns. The team is also hiring as of now, despite the coronavirus pandemic.