With the Beijing 2022 Winter Olympics opening ceremony complete and all competing athletes currently in China, two members of Congress are warning of the potential dangers of using the digital yuan at events.
According to a Reuters report Friday, Pennsylvania Senator Pat Toomey sent a letter to Secretary of State Anthony Blinken and Treasury Secretary Janet Yellen on February 3 expressing concern that the Chinese government could use the games to promote wider adoption of its central bank’s digital currency, the digital yuan. . The country has been testing the CBDC since April 2020, and it was later announced that foreign athletes and visitors would be able to use it during their time at the Olympics.
Toomey said the spread of the digital yuan to the international community could help set the standard in cross-border payments, potentially threatening US interests. The Federal Reserve has put forward the idea of issuing a digital dollar, but has yet to make a decision. The Pennsylvania senator reportedly asked the state and treasury departments to report on the number of foreign visitors using the Chinese digital yuan to determine if the rollout of the Olympics could provide any useful information to US officials considering a CBDC.
“The importance of remaining a leader in the global digital economy and supporting new innovations such as digital currencies is an important area of strategic competition with other countries, including China,” Toomey said.
Many US lawmakers are offering their support to those participating in the games, and some, including Minnesota Representative Tom Emmer, are warning athletes at the last minute not to use digital yuan in China. Emmer has previously referred to China as living in “digital authoritarianism” while proposing legislation to limit the Fed’s ability to issue CBDCs.
Good luck to all @TeamUSA athletes participating in the Olympics. Word to the wise – Do it. No. Accept. Any. Digital. Yuan — Tom Emmer (@RepTomEmmer) February 4, 2022
In July, a group of three senators sent a letter to the US Olympic and Paralympic Committee alleging that the Chinese Communist Party could use the CBDC to spy on visiting athletes both during the games and upon their return to the United States. The committee reportedly suggested that members of the US team leave their smartphones at home and only use “recording” phones in China, as the former could be infected with “malware”. At the time of publication, Team USA’s Instagram page continues to post their own stories and share stories from participating athletes’ accounts.
RELATED: COVID Restrictions Hinder Digital Yuan Adoption at Beijing Winter Olympics
The 2022 Winter Olympics in Beijing is the first major testing ground for the country’s CBDC among a broad group of international visitors. Since its launch almost two years ago, transactions using the digital yuan have totaled over $13 billion, and by November 2021, about 10 million merchants have activated digital wallets for CBDC.
With the Beijing 2022 Winter Olympics opening ceremony complete and all competing athletes currently in China, two members of Congress are warning of the potential dangers of using the digital yuan at events.
According to a Reuters report Friday, Pennsylvania Senator Pat Toomey sent a letter to Secretary of State Anthony Blinken and Treasury Secretary Janet Yellen on February 3 expressing concern that the Chinese government could use the games to promote wider adoption of its central bank’s digital currency, the digital yuan. . The country has been testing the CBDC since April 2020, and it was later announced that foreign athletes and visitors would be able to use it during their time at the Olympics.
Toomey said the spread of the digital yuan to the international community could help set the standard in cross-border payments, potentially threatening US interests. The Federal Reserve has put forward the idea of issuing a digital dollar, but has yet to make a decision. The Pennsylvania senator reportedly asked the state and treasury departments to report on the number of foreign visitors using the Chinese digital yuan to determine if the rollout of the Olympics could provide any useful information to US officials considering a CBDC.
“The importance of remaining a leader in the global digital economy and supporting new innovations such as digital currencies is an important area of strategic competition with other countries, including China,” Toomey said.
Many US lawmakers are offering their support to those participating in the games, and some, including Minnesota Representative Tom Emmer, are warning athletes at the last minute not to use digital yuan in China. Emmer has previously referred to China as living in “digital authoritarianism” while proposing legislation to limit the Fed’s ability to issue CBDCs.
Good luck to all @TeamUSA athletes participating in the Olympics. Word to the wise – Do it. No. Accept. Any. Digital. Yuan — Tom Emmer (@RepTomEmmer) February 4, 2022
In July, a group of three senators sent a letter to the US Olympic and Paralympic Committee alleging that the Chinese Communist Party could use the CBDC to spy on visiting athletes both during the games and upon their return to the United States. The committee reportedly suggested that members of the US team leave their smartphones at home and only use “recording” phones in China, as the former could be infected with “malware”. At the time of publication, Team USA’s Instagram page continues to post their own stories and share stories from participating athletes’ accounts.
RELATED: COVID Restrictions Hinder Digital Yuan Adoption at Beijing Winter Olympics
The 2022 Winter Olympics in Beijing is the first major testing ground for the country’s CBDC among a broad group of international visitors. Since its launch almost two years ago, transactions using the digital yuan have totaled over $13 billion, and by November 2021, about 10 million merchants have activated digital wallets for CBDC.
