China Has a Cryptocurrency Dual Language and Has Launched the Digital Yuan

<p>The introduction of the e-CNY is the latest chapter in China's tumultuous relationship with cryptocurrency.</p> <p>As athletes from all over the world descend on Beijing for the Winter Olympics, China used the occasion to launch the digital Yuan.</p> <p>The introduction of the e-CNY is the latest chapter in China's tumultuous relationship with cryptocurrency.</p> <p>In June 2021, Chinese officials renewed their crackdown on the cryptocurrency industry, ordering crypto miners to cease operations in China's Sichuan province, which was once one of the country's largest mining centres.</p> <p>Advantages of 'First Mover'</p> <p>China's central bank released pilot versions of its digital yuan wallet application in early January, as the country ramps up efforts to develop its official digital currency.</p> <p>Senator Pat Toomey of Pennsylvania expressed concern about the digital yuan.</p> <p>Toomey stated in a letter to Treasury Secretary Janet Yellen and Secretary of State Antony Blinken that "analysts have raised the e-potential CNY's to undermine US sanctions, facilitate illicit money flows, enhance China's surveillance capabilities, and provide Beijing with 'first mover' advantages, such as setting standards in cross-border digital payments."</p> <p>"China's crackdown provides an opportunity for the United States to be a forerunner in crypto innovation, grounded in individual freedom and other American and democratic principles," Toomey added.</p> <p>In terms of what's going on in the real world, Wall Street Journal reporter Liza Lin tweeted, "I haven't seen anyone use the digital currency yet."</p> <p>Although China has cracked down on the crypto industry, "prohibiting the mining and use of bitcoin as a form of payment," Tammy Da Costa, analyst at DailyFX, stated that "digital Yuan allows regulators and the government to trace all payments made without the need for banks or other financial intermediaries."</p> <p>A Danger to Global Regulators</p> <p>"With global central banks now following suit," Da