US lawmakers issue warnings about digital yuan as Winter Olympics

With the opening ceremony of the Beijing 2022 Winter Olympics completed and all competing athletes currently in China, two members of Congress are warning of the potential dangers of using digital yuan at the events.

According to a Friday report from Reuters, Pennsylvania Senator Pat Toomey sent a letter to Secretary of State Antony Blinken and Treasury Secretary Janet Yellen on Thursday expressing concern that the Chinese government could use the games to promote greater adoption of its central bank digital currency (CBDC), the digital yuan. The country has been conducting trials of the CBDC since April 2020, later announcing foreign athletes and visitors would have the opportunity to use it during their time at the Olympic Games.