Three U.S. senators are proposing to ban American athletes from using Chinese currency e-CNY at the upcoming Beijing Winter Olympics. China is expected to roll out its digital yuan on a wider scale during global sporting events.
With China’s expanding clout on the international stage, the U.S. is highly concerned that its digital yuan would have a massive impact on the global economy that could surely challenge the U.S.’ dominance.
China is ready to create a strong foothold for its digital yuan as it has already done months of testing and establishing millions of testing sites all over the country.
Senators Cynthia Lummis, Roger Wicker and Marsha Blackburn have written a letter urging the government to prevent American athletes from using the digital yuan during the Olympics.
A part of their letter says: “We urge the United States Olympic and Paralympic Committee (USOPC) to forbid American athletes from receiving or using digital yuan during the Beijing Olympics.”
According to the senators, the reason behind this plea is that China’s digital yuan is completely and directly controlled by China’s central bank, which means users’ economic activity is always monitored by the government.
The senators also said that the digital yuan was being developed by the Chinese government as early as 2014, but it is only now that the country is revealing its concerning features.
One of the features that the senators included in their letter is the digital yuan’s ability to know a users’ purchase and where it was purchased. With these capabilities, users’ privacy isn’t guaranteed anymore and the surveillance of their activities is ongoing 24/7.
Image courtesy of Cointelegraph News/YouTube
- Central Bank
- Cynthia Lummis
- digital yuan
- Global economy
- United States