“Stop making trouble about it,” China tells the US about its digital currency
According to Lijian, the US has several internal issues related to security and monitoring of people that it needs to be concerned about. Instead, the country has focused its attention on China and the country’s internal affairs.
Lijian’s statement comes after US lawmakers urged their athletes not to use the digital yuan during the 2022 Beijing Olympics.
“We recommend that you investigate what this is about and stop creating problems about it”, said the minister, referring to the CBDC in which his government works.
In addition, Lijian added that foreign athletes will be able to use the digital yuan without having to open a bank account. So he urged US lawmakers to “stop making sport a political issue.”
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Senators Marsha Blackburn, Roger Wicker and Cynthia Lummis asked the United States Olympic and Paralympic Committee to restrict the use of Chinese currency at the event.
They argue that the Chinese CBDC has low privacy, something recognized even by Bank of China officials. Because of this, there could be a tracking of transactions by the government of the Asian country.
Almost immediately after Zhao Lijian’s public demonstrations, Senator Lummis counterattacked on Twitter:
“Hey, Zhao Lijian, you’re right. Digital coins ARE inevitable. We just want to make them so that people are not subject to the will of a tyrannical dictator.”
Furthermore, Lummis noted that this is a matter of freedom. Currently, the digital yuan is being tested with more than 20 million people using CBDC’s digital wallet.
One of the most exciting things about financial innovation is its promotion of decentralization & its egalitarian potential (promoting freedom, self sovereignty via monetary policy.) The CCP’s digital currency is nothing but a centralized spycoin to hack users transaction history https://t.co/PZG0Ve96wW
— Cynthia Lummis 🦬 (@CynthiaMLummis) July 21, 2021
For the 2022 Olympic Games, the Chinese government intends to have more details about its functioning. In other words, the international event will be a kind of definitive test of China’s digital currency.