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Chinese Officials Clapback at US Proposal to Ban the Digital Yuan

After US Senators appeared to ban its athletes from using China’s CBDC, the Digital Yuan, Chinese officials don’t seem to be very pleased.

After US Senators appeared to ban its athletes from using China’s CBDC, the Digital Yuan, Chinese officials don’t seem to be very pleased.

Republican senators —  Marsha Blackburn, Roger Wicker, and Cynthia Lummis — recently expressed their concerns about the Digital Yuan, which was reported to be fast-tracked ahead of the coming Winter 2022 Olympics. The senators wrote to the board chair of the  US Olympic Committee earlier this week, expressing concerns about privacy with the possible use of e-CNY. 

“Olympic athletes should be aware that the digital yuan may be used to surveil Chinese citizens and those visiting China on an unprecedented scale, with the hopes that they will maintain Digital Yuan wallets on their smartphones and continue to use it upon return,” the senators wrote.

While the concerns raised by Blackburn and other senators strictly revolved around privacy and security, there is enough evidence to suggest that these concerns run far deeper. The Chinese government appears to think so anyway. 

There are increasingly more Chinese officials warning American senators to steer clear of an issue they do not see as political. Only before a spokesperson commented today on the insistence of American lawmakers to rouse “trouble” where there is none, Chinese Foreign Ministry Spokesman, Zhao Lijian, accused US politicians as well.  

“The U.S politicians should abide by the spirit stipulated in the Olympic Charter,” Zhao said,  “stop making sports a political matter and stop making troubles out of the digital currency in China.”

 Conflicts and Crypto Wars

The tension between China and the United States is not new. It is an implicit one, yet taking over markets and crippling several organisations. The two countries have been at loggerheads at national issues, locked almost perpetually in a conflict that has endured for years. Blowing hot. Blowing cold. This time, the crypto industry has appeared to catch the fever.

China’s crackdown on crypto institutions and mining pools in its country is perceived by some as not just a spirited fight against carbon pollution, but as a strategic preparation for the launch of its own digital currency. 

The Digital Yuan has been minted to challenge the supremacy of the United States Dollar, at least on paper.  E-CNY’s whitepaper, released last week, noted that foreign visitors coming for the Olympics in Beijing would be granted access to China’s digital currency without the need to open a local bank account. 

The Winter 2022 Olympics would serve as a springboard for more developments to come regarding the Digital Yuan. What better time to announce its novel centralized digital currency to the world? As tensions increase, the United States might be forced to speed up preparations for the digital dollar as well.

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