A leading Senate Republican is urging the Biden administration to closely monitor the use of China’s recently launched digital currency during the Beijing Winter Olympics, where the country is expected to showcase the project to foreign visitors.
“The importance of remaining a leader in the global digital economy and supporting new innovations like digital currencies is a significant domain of strategic competition with other countries, including China,” Toomey said. A Treasury Department spokesman declined to comment and the State Department did not respond to a request for comment.
The use of e-CNY is still limited to 10 major"pilot" cities, plus the site of the Beijing Winter Olympics, which officially began Friday, but has been hampered by people's preference for Ant Group's Alipay and Tencent's WeChat Pay, which dominate China's online payments.
Source: Digital Coin News (digitalcoinnews.net)
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