China's digital currency could undermine US sanctions and improve surveillance capacities-regulation
China's digital currency could undermine US sanctions and improve surveillance capacities-regulation
A US senator warned of the digital currency of the Chinese central bank. "Analysts have emphasized the potential of the ECNY to avoid US sanctions, to facilitate illegal flows of money, to improve China's surveillance skills and to provide pioneering advantages for Beijing," said Senator Finance Minister Janet Yellen.
US senator warns of the threat of the digital currency of the Chinese central bank
US senator Pat Toomey sent a letter to Finance Minister Janet Yellen and Foreign Minister Tony Blinking last week, in which he expressed concerns about the digital currency of the Chinese central bank, the digital Yuan.
"I am writing to ask for your commitment to a significant development in Beijing this week: the introduction of the world's first major digital currency of the central bank (CBDC) for a foreign audience," he said to Yellen and flashing.
"While the United States still evaluate the concept of a digital dollar, China uses the Olympic Winter Games in Beijing as an international test for the digital Yuan (ECNY), which has been piloted in Germany since 2019," described the legislator from Pennsylvania in detail:
Analysts have highlighted the potential of Ecny, to undermine US sanctions, to facilitate illegal flows of money, to improve China's surveillance capacity and to provide Beijing "First Mover" advantages, such as: B. setting standards for cross -border digital payments.
The Senator found that “Beijing also started the first state-supported global distributed-Ledger infrastructure, the blockchain-based services network (BSN).”
In addition, Senator Toomey China's approach against cryptocurrencies with the words: "China's approach offers the United States the opportunity to be the pioneer of crypto innovation based on individual freedom and other American and democratic principles."
The senator continued:
In view of the expected threat of the economic and national security interests of the United States
Senator Toomey also called for information about nine areas that should be made available to his office by March 7th.
This includes the distribution of the digital yuan, strategies for promoting ecny acceptance by Chinese and non-chinese, the ecny acceptance rate by foreigners, the total edition of the ECNY according to the Olympic Games, teaching for the US government and possible challenges for the USA.
in January China's central bank, the People’s Bank of China (PBOC), that the digital yuan now has more than 261 million users and transactions worth almost 14 billion US dollars were made with the digital currency of the central bank. href = "https://news.bitcoin.com/china-designates-15-national-pilot-zones-164-entits-for-blockchain-projects/" Rel = "noopener"> determined 15 national pilotons and 164 entities for blockchain projects.
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