• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: World Liberty Financial Accuses Exchange Of Token Manipulation, Justin Sun Blacklisted
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: World Liberty Financial Accuses Exchange Of Token Manipulation, Justin Sun Blacklisted
Crypto CBDC Bitcoin BTC BTCUSD FDIC

Why A Group of U.S. Senators Oppose Use of Digital Yuan in Beijing Winter Olympics

Reynaldo Marquez
by Reynaldo Marquez
4 years ago
·
Posted in CBDC
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

China’s central bank digital currency, the digital Yuan or e-CNY, is well on its way for full implementation. The People’s Bank of China (PBoC) release a Whitepaper with details on their CBDCs for the first time since the project was made public.

As the document revealed, the digital Yuan is currently being tested after successfully completing its top-level design, function development, and system testing. The CBDC has been sending to citizens in “representative regions” and it’s yet to have an official launch date.

However, Chinese government officials have suggested a potential rollout date for the 2022 Beijing Winter Olympics. Thus, a group of U.S. Senators has issued a letter to the United States Olympic & Paralympic Committee’s Chairwoman Sussane Lyons to “forbid American athletes from receiving or using digital Yuan during” the sports event.

The letter was written by Senator Marsha Blackburn, Roger Wicker, and Cynthia Lummis, a well-known Bitcoin proponent. The Senators argued that China’s CBDC is “entirely” controlled by the PBOC.

Thus, the CBDC can be used to “tracked and traced” the athletes. The document released by the Chinese government claims that the digital currency will have “controllable anonymity” to protect users’ data and prevent potential massive scams, and other security risks.

However, the Senators mistrust the Chinese government and its central bank. They based their arguments on the aforementioned Whitepaper claiming that the digital Yuan gives China the capacity to “know the exact details of what someone purchased and where”.

China’s Digital Yuan, An Tool To Boost Innovation Or Spying?

A report by Sino Global Capital summarized some of the main key features of the digital Yuan and its main objective. The Chinese government wants to allegedly find a “balance” between the capacity to monitored transactions with its CBDC and prevent those deemed illicit.

China expects CBDC/e-CNY to be conducive to maintaining China’s monetary sovereignty and financial stability, as well as fostering integrity of the monetary system in the China pursuit of the digital economy.

The Senators dismissed this motive and claimed that the CBDCs is a surveillance tool of an “unprecedented scale”. The biggest danger for American athletes, the letter says, is the digital wallet required to spend the CBDC. Thus, Lummis and her colleagues add:

(China hopes that) they (the American Athletes) will maintain digital yuan wallets on their smartphones and continue to use it upon return. The integration of China’s digital currency into global commerce has many problematic privacy implications.

The letters quoted some precedents to strengthen the argument. Amongst them, the Senators claimed, is the utilization of social media and digital payment platform WeChat “already being used to surveil, threaten, and arrest Chinese citizens”.

The launch of the digital Yuan is imminent, other countries are working towards releasing their own CBDCs to counterbalance China’s. In the meantime, the U.S. seems uncertain about its relationship with digital assets and seems at risk of losing ground to other alternatives.

At the time of writing, Bitcoin (BTC) trades at $30,935 with a 3% loss in the daily chart.

Digital Yuan China Bitcoin BTC BTCUSD
BTC trends to the downside in the daily chart. Source: BTCUSD Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Reynaldo Marquez

Reynaldo Marquez

Follow

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Full Profile

Related Posts

Digital Yuan Goes Cross-Border

Digital Yuan Goes Cross-Border: Hong Kong Unveils e-CNY Wallets For Local Users

1 year ago
Donald Trump

Donald Trump Talked Out Of CBDC For The US? Ex Candidate Explains

1 year ago
Donald Trump CBDC Crypto

Donald Trump Wants To Ban CBDCs As US Presidential Race Heats Up

1 year ago
CBDC

CBDC: Hong Kong Explores Advance Use Cases In Its e-HKD Phase 2 After First Trial

1 year ago
Elizabeth Warren CBDC Hong Kong

Surprise: BIS Used Ethereum Testnet And Curve Finance’s Code In CBDC Pilot

1 year ago
CBDC

Anti-CBDC Bill Inches Closer To Approval With Strong Support From 60 Congress Members

1 year ago
Please login to join discussion

Premium Sponsors

Press Releases

  • MemeCore七日暴漲 211%引爆熱度 Snorter Bot...

    14 minutes ago
  • miner

    Is Bitcoin Investment Still Profitable? Use BTC Cloud...

    19 minutes ago
  • miner

    ADA’s path to long-term success: Integrating with...

    12 hours ago
  • Bitget and Bitget Wallet Support Trading of Over 100...

    15 hours ago
  • miner

    XRP Price From a High of $3.65 to a Low of $2.72: How GMO...

    17 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.