2 years ago
"Analysts person raised the eCNY's imaginable to subvert U.S. sanctions, facilitate illicit wealth flows, heighten China's surveillance capabilities and supply Beijing with 'first mover' advantages specified arsenic mounting standards successful cross-border integer payments," Toomey wrote.
China is utilizing the Winter Olympics successful Beijing arsenic an planetary trial of its integer yuan, which it has been investigating successful the state since 2019. In Olympic Village, athletes and visitors tin marque purchases lone with cash, a Visa paper oregon the integer yuan, Toomey noted.
Toomey added, however, that China’s crackdown connected backstage cryptocurrencies gave a imaginable opening for the U.S.
"China's crackdown presents an accidental for the United States to beryllium the forerunner of crypto innovation, grounded successful idiosyncratic freedom, and different American and antiauthoritarian principles," helium wrote.
Toomey has asked the Treasury and State departments to scrutinize Beijing’s integer yuan rollout during the Olympics and supply a afloat briefing by March 7.
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Nelson Wang is CoinDesk's quality exertion for the East Coast. He holds BTC and ETH supra CoinDesk's disclosure threshold of $1,000.
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