TL; DR Failure

  • U.S. lawmakers warn athletes against using digital yuan
  • Toomey worried about U.S. interests
  • China to test digital yuan on big stage

The planned Winter Olympics in China are set to kick off in the next few days amid much anticipation. One of those expectations is the deployment of the digital yuan that the country has been testing for use. However, some U.S. politicians are not happy about this and have issued a stern warning to the team representing the country at the event.

U.S. lawmakers worried about U.S. interests

A recent report released by Reuters addressed concerns forwarded to Janet Yellen and Anthony Blinken. These concerns were raised by Coin Senator Pat Toomey, while Yellen and Blinken are Secretary of State and Treasury Secretary. Toomey spoke about the previous news, which took place before China launched its digital yuan for use at events.

China has been tirelessly rolling out the digital yuan since major trials officially began in 2020. However, the country believes the current Olympics will allow them to test it on a larger scale among foreigners and athletes at the Games. Toomey noted that once rolled out at the event, it could prevent the U.S. dollar from being used as an international exchange currency.

China plans to test digital yuan on big stage

Over the past few years, the U.S. has often discussed the launch of its digital currency, but has not made significant moves on it. However, Toomey said the U.S. could use adoption statistics while investigating its CBDC. The senator mentioned that it is essential for the U.S. to lead other countries on all fronts. This is the main reason why they must lead in technological innovation.

In addition to Toomey, other politicians, including Tom Emmer, have expressed their concerns about the use of digital renminbi by athletes during their stay in the country. Some of these officials have expressed their concerns to the U.S. Olympic Committee that the digital yuan could be a potential surveillance tool for China against its athletes.

The consensus was for athletes to avoid malware by using burned phones during their stay in China. Despite two years of testing, the Olympics will be the best place to test the use of the digital yuan. In addition, a numerical indicator shows that Chinese citizens have made $13 million worth of transactions using the digital yuan. This indicator was calculated from November 2021 and involves more than 10 million merchants across the country.