U.S. Senator Pat Toomey: Digital yuan adversely affects U.S. economic and national security interests

Pat Toomey (R-Pa.), a senior member of the U.S. Senate Banking Committee, sent a letter to Treasury Secretary Yellen and Secretary of State Antony Blinken on Friday, arguing that the digital yuan eCNY adversely affects U.S. economic and national security interests. "Analysts see eCNY as having the potential to subvert U.S. sanctions, facilitate illicit financial flows, enhance China's surveillance capabilities, and provide Beijing with a 'first mover' advantage, such as setting standards for cross-border digital payments," Toomey wrote. Toomey noted that China is using the Beijing Winter Olympics as an international test of its digital yuan, while China’s crackdown on private cryptocurrencies presents a potential opportunity for the United States. "China's repression presents an opportunity for the United States to become a pioneer in cryptographic innovation based on individual liberty and other democratic principles," he wrote.