US Warns of Using Digital Yuan

Following the completion of the opening ceremony of the Beijing 2022 Winter Olympics in China, members of the US Congress attended the Olympic events. digital yuan warnings about its use.

As Reuters reported, Pennsylvania Senator Pat Toomey sent a letter to Secretary of State Antony Blinken and Secretary of the Treasury Janet Yellen, which could be caused by the use of the digital yuan. to potential hazards drew attention. In his letter, Toomey said that the Chinese government has announced that the Olympic games will be publicized by the CBDC, its central bank digital currency. adoption expressed concern about its use.

Digital yuan becoming a standard for cross-border payments could be a threat to the US

Beijing 2022 Winter Olympics is the first major for China’s CBDC among a large group of international visitors testing area has the feature of being Since its launch almost two years ago, transactions using digital yuan have totaled over $13 billion, with approximately 10 million merchants having activated digital wallets for CBDC by November 2021.

The use of the digital yuan by the international crowd gathered at the Olympics and the spread of the digital yuan have a role in cross-border payments. standard Toomey noted that this situation could potentially pose a threat to US interests. Thereupon, the US State and Treasury Departments asked about the number of foreign visitors using China’s digital yuan. report were requested to give.

Speaking on the subject, Toomey said, “The importance of remaining a leader in the global digital economy and supporting new innovations such as digital currencies is a key issue with other countries, including China. strategic competition area” recorded as. On the other hand, Minnesota Representative Tom Emmer also warned athletes like Toomey not to use digital yuan while in China. Emmer, who previously proposed legislation to limit the Fed’s ability to issue CBDC, said China’s “digital authoritarianism” He stated that he lived under

Even before that, in July, a group of three senators; To the US Olympic and Paralympic Committee, guest athletes of the Chinese Communist Party’s CBDC both at the Games and when they return to the US follow He had sent a letter claiming that he could use it for Even warning that US athletes should leave their phones at home in case of ‘malware’ infection, the committee recommended that athletes only use disposable phones while in China.