Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

China to US Senators: ‘Stop Making Trouble’ Out of The Digital Yuan

China to US Senators: ‘Stop Making Trouble’ Out of The Digital Yuan

Director of China Ministry of Foreign Affairs, Zhao Lijian, responded to the three US senators, who earlier claimed that China CBDC, the Digital Yuan could be used as a tracking tool during the 2022 Winter Olympic Games in Beijing.

The Foreign Ministry of China urged the US politicians to “abide by the spirit” and stop making trouble out of its central bank digital currency (CBDC), coined as e-CNY. Previously, three American senators warned that the U.S. Olympic Committee should forbid any usage of the e-yuan at the Winter Olympic Games next year in Beijing.

The Tension Between US And China

The tension between the two economic giants, the US and China, seems to have risen way before the start of the Winter Olympic Games. During a recent press briefing, the spokesman of the Chinese Foreign Ministry – Zhao Lijian – addressed the American politicians and urged them not to make trouble out of the e-yuan. He pointed out that the USA is not aware of what exactly digital currency is:

“We suggest they figure out what a digital currency really is. The US politicians should abide by the spirit stipulated in the Olympic Charter, stop making sports a political matter, and stop making troubles out of the digital currency in China.”

Earlier this week, the Republican Senators – Marsha Blackburn, Roger Wicker, and Cynthia Lummis – raised flags that China might try use its CBDC for spying and espionage during the 24th Winter Olympic Games in Beijing next year:

“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.”

China seems very proud and certain to grant athletes and foreign visitors the opportunity to experience the us of the e-CNY during the event. The deputy governor of the People’s Bank of China, Fan Yifei, highlighted that that the Winter Olympics in 2022 would be the next key trial for the digital yuan. The central bank had “the confidence to continue increasing the scope of the trials,” he added.

Do China’s Ambitions Include Only Its CBDC?


Recently, China has launched several actions against dealing with cryptocurrencies. Late May, the Financial Stability and Development Committee of the State Council of China posed the latest ban on Bitcoin mining and trading. BTC’s dollar value plummeted by nearly $5,000 in a matter of one hour, after the announcement.

Financial analyst and Global Head of Equity Strategy at Jefferies, Christopher Wood, has a different opinion about China’s unfriendly crypto attitude. He opined that the Chinese authorities, in fact, did not pose the crackdown because of environmental concerns, but only to clear the way for the CBDC.

Wood last month predicted that China is very close to launching its digital yuan as he expects that to happen at the end of 2021:

“China does not want any competition when it launches the digital renminbi nationally, most likely in the fourth quarter of this year.”

Source: China to US Senators: ‘Stop Making Trouble’ Out of The Digital Yuan – Fintechs.fi

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
×