London Daily

Focus on the big picture.
Tuesday, Oct 07, 2025

China to US Senators: ‘Stop Making Trouble’ Out of The Digital Yuan

China to US Senators: ‘Stop Making Trouble’ Out of The Digital Yuan

Director of China Ministry of Foreign Affairs, Zhao Lijian, responded to the three US senators, who earlier claimed that China CBDC, the Digital Yuan could be used as a tracking tool during the 2022 Winter Olympic Games in Beijing.

The Foreign Ministry of China urged the US politicians to “abide by the spirit” and stop making trouble out of its central bank digital currency (CBDC), coined as e-CNY. Previously, three American senators warned that the U.S. Olympic Committee should forbid any usage of the e-yuan at the Winter Olympic Games next year in Beijing.

The Tension Between US And China

The tension between the two economic giants, the US and China, seems to have risen way before the start of the Winter Olympic Games. During a recent press briefing, the spokesman of the Chinese Foreign Ministry – Zhao Lijian – addressed the American politicians and urged them not to make trouble out of the e-yuan. He pointed out that the USA is not aware of what exactly digital currency is:

“We suggest they figure out what a digital currency really is. The US politicians should abide by the spirit stipulated in the Olympic Charter, stop making sports a political matter, and stop making troubles out of the digital currency in China.”

Earlier this week, the Republican Senators – Marsha Blackburn, Roger Wicker, and Cynthia Lummis – raised flags that China might try use its CBDC for spying and espionage during the 24th Winter Olympic Games in Beijing next year:

“Olympic athletes should be aware that the digital yuan may be used to surveil Chinese citizens and those visiting China on an unprecedented scale, with the hopes that they will maintain digital yuan wallets on their smartphones and continue to use it upon return.”

China seems very proud and certain to grant athletes and foreign visitors the opportunity to experience the us of the e-CNY during the event. The deputy governor of the People’s Bank of China, Fan Yifei, highlighted that that the Winter Olympics in 2022 would be the next key trial for the digital yuan. The central bank had “the confidence to continue increasing the scope of the trials,” he added.

Do China’s Ambitions Include Only Its CBDC?


Recently, China has launched several actions against dealing with cryptocurrencies. Late May, the Financial Stability and Development Committee of the State Council of China posed the latest ban on Bitcoin mining and trading. BTC’s dollar value plummeted by nearly $5,000 in a matter of one hour, after the announcement.

Financial analyst and Global Head of Equity Strategy at Jefferies, Christopher Wood, has a different opinion about China’s unfriendly crypto attitude. He opined that the Chinese authorities, in fact, did not pose the crackdown because of environmental concerns, but only to clear the way for the CBDC.

Wood last month predicted that China is very close to launching its digital yuan as he expects that to happen at the end of 2021:

“China does not want any competition when it launches the digital renminbi nationally, most likely in the fourth quarter of this year.”

Source: China to US Senators: ‘Stop Making Trouble’ Out of The Digital Yuan – Fintechs.fi

Newsletter

Related Articles

0:00
0:00
Close
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
OpenAI and AMD Forge Landmark AI-Chip Alliance with Equity Option
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
×