Beijing has lashed out at three Republican senators who have asked the United States Olympic & Paralympic Committee to block American athletes from using the digital yuan, the central bank digital currency (CBDC) that China is hoping to dazzle the world with at the 2022 Beijing Winter Olympics, to be held in the capital from February.
The group, which comprises Marsha Blackburn, Roger Wicker, and the “bitcoin (BTC) senator” Cynthia Lummis had expressed spying and data security worries.
In their letter, they wrote 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.”
But, per an official notice from the Chinese Foreign Ministry’s website, spokesperson Zhao Lijian hit out angrily at the senators when questioned on the subject by a Reuters reporter at a press conference. Zhao claimed that the letter “only reflected the politicians’ ignorance.”
He added a recommendation that the senators take the time to “learn what a digital currency actually is.”
Zhao stated that when it came to “espionage and digital security threats,” the United States “sets the global standard.” He explained:
“The United States not only monitors its competitors, but also even its allies through various means such as data theft and telephone tapping. Everyone knows these facts to be true.”
“Digital currencies are an inevitable product of the development of digital technology and conform to the current trends of global digital economic development. Chinese law also makes clear provisions to ensure the principles of data security,” the spokesperson continued.
And Zhao concluded that “American politicians should respect the spirit of the Olympic Charter, stop politicizing sport and refrain from talking about China’s forthcoming digital currency.”
– China Releases e-CNY Whitepaper, Says Cryptos Have No Value & Pose Risks
– ECB Starts Digital Euro Project With Two-Year Investigation & Bitcoin Bashing
– Former Japanese Regulatory Chief: Digital Yuan Progress ‘Hard to Ignore’
– Does Digital Yuan Threaten Global Stability?