A group of Senators is asking the United States Olympic & Paralympic Committee (USOPC) to forbid American athletes from receiving or using China's digital yuan during the Beijing Olympics in 2022. In a letter to Susanne Lyons, Board Chair of USOPC, Marsha Blackburn, Roger Wicker and Cynthia Lummis warned that China's digital currency is "entirely controlled" by the People's Bank of China (PBOC), and can be tracked and traced by it.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
"Olympic athletes should be aware that the digital yuan may be used to surveil Chinese citizens and those visiting China on an unprecedented scale," the Senators said.
They also add that the integration of China's digital currency into global commerce has "many problematic privacy implications." Particularly, the Senators said the concerns are pronounced given the China's use of new technologies to suppress the Uyghur minority, the people of Hong Kong, and those across China who "strive for freedom of expression."
Previously, the PBOC released the white paper of its national digital currency (e-CNY). The document explains the high-level principles of the digital yuan, its features and the progress in the development of the project since 2014. While no additional details about the currency have been unveiled, it has been reported the currency will be compatible with smart contracts.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.