The US-China trade war entered into a whole new direction. Now the two are fighting in the Digital arena. As “Beijing Olympics 2022,” is approaching fast. The U.S authorities are worried about the economic outcomes of the event. The US members of the Senate have already told the U.S Olympic team to boycott China’s digital Yuan.
“The U.S can’t allow its athletes to play the role of a trojan horse to further help the Chinese authorities in their pursuit of Spying on the United States,” said Senator Cynthia Lummis. Three U.S senate members are written an official letter to the U.S Olympic Committee leadership. The letter concluded that it should be declared forbidden for athletes to receive or use the digital Yuan during the upcoming winter Olympics. The letter used privacy concerns as their main reference for writing the letter.
This is not the first time when the United States of America has shown privacy concerns over Chinese activities. During Donald Trump’s presidency, the U.S authorities have frequently accused the Chinese of waging fifth-generation warfare on the U.S. AS a result the U.S banned several Chinese companies. This time U.S authorities are keen on developing the code of conduct for its Olympics team.
China, the host country for the Winter Olympics game, is launching its first-ever state-owned Digital Yuan currency.
Financial and Crypto experts have declared it as a threat, they further added that this is by far the most advanced digital bank currency, backed by the Chinese Central Bank.
In the past week, during a statement The People’s Bank of China said that travelers, tourists, and Olympians can easily apply for digital wallets during their visit, they can also use digital Yuan as the primary payment method. China has already removed major domestic and foreign crypto mining companies from its land. The Crypto community already said they are worried about China’s treatment of crypto. Now the U.S senators are also worried about China’s plans for the Digital Yuan.
Senator Marsha Blackburn, Cynthia Lummis, and Roger Wicker all three seem fearful that China can use the digital currency as a spying tool for the future. Whether these fears are rational or not, one thing is sure that Chinese authorities have entered the digital economy, and they have not only challenged the U.S but also provided an alternative to crypto coins by launching state-owned digital coins.
However, the details about the services being offered by the Digital Yuan are not shared with the public yet. But one thing is clear that digital Yuan is backed by the People’s Bank of China and will be launched as the primary payment method in China.