cryptocurrencies After the radical decisions taken with thedigital yuan (eCNY’)” Chinesein many fields and activities digital yuan trying to use.
In this context, China plans to use the digital yuan in the Beijing Winter Olympics, which started on February 4.
China’s work on the digital yuan, which is growing day by day, has not escaped the attention of the US government, like other countries.
So much so that US Senator Pat Toomey warned in a letter to Treasury Secretary Janet Yellen and Secretary of State Anthony Blinken about the impact of China’s digital yuan on US economic and national security interests.
Warning China’s digital yuan to be careful, Senator Toomey wrote in his letter “A close review of the use of eCNY during the Beijing Winter Olympics” stated it should.
“According to analysts’ assessments, China’s work has increased eCNY’s potential to bring ‘first-mover’ advantages such as circumventing US sanctions, facilitating illegal money flows, enhancing China’s surveillance capabilities, and setting Beijing standards for cross-border digital payments.”
USA Left Behind China!
Senator Toomey also pointed out that the digital yuan wallet has been used in Android and Apple’s app stores as of January, and that more than 10% of the Chinese population has downloaded a wallet, saying:
“While the US is still evaluating the concept of the digital dollar, China is using the Beijing Winter Olympics as an international test for the digital yuan.”
In his letter to Yellen and Blinken, Toomey finally requested a full report on the use of the digital yuan during the Beijing Winter Olympics by March 7th.