{"id":1757,"date":"2022-02-08T17:13:41","date_gmt":"2022-02-08T17:13:41","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=1757"},"modified":"2022-02-08T17:13:42","modified_gmt":"2022-02-08T17:13:42","slug":"us-senator-chinas-digital-currency-could-subvert-us-sanctions-enhance-surveillance-capabilities","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1757","title":{"rendered":"US Senator: China&#8217;s Digital Currency Could Subvert US Sanctions, Enhance Surveillance Capabilities"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>A U.S. senator has warned about China\u2019s central bank digital currency. \u201cAnalysts have raised the eCNY\u2019s potential to subvert U.S. sanctions, facilitate illicit money flows, enhance China\u2019s surveillance capabilities, and provide Beijing with \u2018first mover\u2019 advantages,\u201d the senator informed Treasury Secretary Janet Yellen.<br \/><\/strong><\/p>\n<h2>U.S. Senator Warns About the Threat From China\u2019s Central Bank Digital Currency<\/h2>\n<p>U.S. Senator Pat Toomey sent a letter to Treasury Secretary Janet Yellen and Secretary of State Tony Blinken last week raising concerns about China\u2019s central bank digital currency, the digital yuan.<\/p>\n<p>\u201cI write to request your engagement on a momentous development in Beijing this week: the rollout of the world\u2019s first major central bank digital currency (CBDC) to a foreign audience,\u201d he told Yellen and Blinken.<\/p>\n<p>\u201cWhile the United States is still evaluating the concept of a digital dollar, China is using the Beijing Winter Olympics as an international test for the digital yuan (eCNY), which has been piloted domestically since 2019,\u201d the lawmaker from Pennsylvania described, elaborating:<\/p>\n<p>Analysts have raised the eCNY\u2019s potential to subvert U.S. sanctions, facilitate illicit money flows, enhance China\u2019s surveillance capabilities, and provide Beijing with \u2018first mover\u2019 advantages, such as setting standards in cross-border digital payments.<\/p>\n<p>The senator noted that \u201cBeijing has also launched the first state-backed global distributed ledger infrastructure, the Blockchain-based Services Network (BSN).\u201d<\/p>\n<p>Furthermore, Senator Toomey commented on China\u2019s cryptocurrency crackdown, stating: \u201cChina\u2019s crackdown presents an opportunity for the United States to be the forerunner of crypto innovation, grounded in individual freedom, and other American and democratic principles.\u201d<\/p>\n<p>The senator continued:<\/p>\n<p>Given the prospective threat to U.S. economic and national security interests, I request that the Treasury and State Departments closely examine Beijing\u2019s CBDC rollout during the Olympic Games.<\/p>\n<p>Senator Toomey also requested information on nine areas to be provided to his office by March 7.<\/p>\n<p>They include how the digital yuan was distributed, strategies employed to advance eCNY adoption by Chinese and non-Chinese persons, eCNY adoption rate by foreigners, total issuance of the eCNY after the Olympic Games, lessons for the U.S. government, and possible challenges to U.S. interests.<\/p>\n<p>In January, China\u2019s central bank, the People\u2019s Bank of China (PBOC), revealed that the digital yuan now has more than 261 million users, and transactions worth almost $14 billion have been made using the central bank digital currency. Last week, China designated 15 national pilot zones and 164 entities for blockchain projects.<\/p>\n<p><em><strong>Do you agree with Senator Toomey? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-senator-chinas-digital-currency-subvert-us-sanctions-enhance-surveillance-capabilities\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A U.S. senator has warned about China\u2019s central bank digital currency. \u201cAnalysts have raised the eCNY\u2019s potential to subvert U.S. sanctions, facilitate illicit money flows, enhance China\u2019s surveillance capabilities, and provide Beijing with \u2018first mover\u2019 advantages,\u201d the senator informed Treasury Secretary Janet Yellen. U.S. Senator Warns About the Threat From China\u2019s Central Bank Digital Currency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-1757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1757"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1757\/revisions"}],"predecessor-version":[{"id":1759,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1757\/revisions\/1759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1758"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}