In light of media crackdowns, social scoring and human rights abuses within China, a digital yuan strikes this Senator as a tool of control.
having downloaded a wallet as of November. However, it has been mostly unavailable to foreign users until now.
"While 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," Toomey explained. In addition to asking for an assessment of China's strategies for getting foreign entities to use its digital currency, Toomey enjoins Yellen and Blinken to learn how China is handling transaction data and to what degree it is using its blockchain networks as a tool of censorship. He specifically accuses China'sof incorporating"severely modified and controlled versions of blockchains like Ethereum and Solana.
US observers, including lawmakers, have looked askance at China's plans for a CBDC since they were originally announced. Particularly in light of media crackdowns, social scoring and human rights abuses within China, a digital yuan strikes many as a tool of control.
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