Chinese Foreign Minister Zhao Lijian called on US senators to “abide by the spirit of the Olympic Charter” and stop mistrusting their central bank digital currency (CBDC). US lawmakers ask their athletes not to use the digital yuan during the Beijing 2022 Winter Olympics.
“We recommend that you investigate what it is about and that you stop making problems about it,” said the minister, referring to the CBDC in which his government works and pointing to US lawmakers, according to the South China Morning Post newspaper. In this regard, Lijian added that foreign athletes will be able to use the digital currency without having to open a bank account in the country and called on US legislators to “stop making sport a political issue.”
As CriptoNoticias reported, 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 to be held the following year. The reasons were based on its low privacy, something recognized even by officials of the Bank of China, and a possible tracking by the government of the Asian country.
Lummis’s response to the Chinese minister
Almost immediately after Zhao Lijian’s public demonstrations, Senator Lummis responded with a message on her Twitter account. Hey, Zhao Lijian, you’re right. Digital currencies ARE inevitable. We just want to do them in such a way that people are not subject to the will of a tyrannical dictator, “he wrote.
“That is not ignorance, that is freedom. And I’m sure you’ve heard that here in the United States, we love to ‘make trouble,’ “she completed, in response to the Chinese official’s request to stop making accusations regarding this issue.
Hey @ zlj517 – you’re right. Digital currency IS inevitable. We’re just choosing to do it in a way that doesn’t subject people to the whims of a tyrannical dictatorship. That’s not ignorance. That’s freedom. And as I’m sure you’ve heard, here in the US, we love “making trouble.”
– Senator Cynthia Lummis (@SenLummis) July 21, 2021
Cynthia Lummis replied to Zhao Lijian about the digital yuan on Twitter.
The digital yuan advances steadily
Currently, the digital yuan is at testing phase with more than 20 million people using the virtual wallet, details the SCMP. For the 2022 Olympic Games, the Chinese government plans to have more details about its operation and use the event as one of the definitive tests of the mechanism.
So far, according to the cited source, the People’s Bank of China has confirmed that Transactions for more than 34.5 billion yuan have already been carried out (ie $ 5.3 billion) as part of the digital yuan tests over the past two years.
China’s CBDC is not the only one under development. In fact, South Korea already conducts tests for this purpose, and even European countries, such as the United Kingdom, are evaluating its implementation. For now, according to an international ranking released in April 2021, the world’s most advanced central bank digital currency is the Bahamas, followed by Cambodia and China.