- Western leaders recommend refraining from using China’s CBDC due to suspicions of espionage
Due to strict quarantine and suspicions of espionage, the prestige of the digital yuan was undermined
The project of introducing this means of payment in transactions within the OI was under threat
For the past two years, China has been actively testing and finalizing digital yuan project. If successful, this would put China in the lead in the race against the US and Europe. But, apparently, the coronavirus has made its own adjustments here.
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People’s Bank of China announced back in April last year that it was considering introducing a CBDC as part of the OI-2022. Later, when the beta test of the digital yuan wallet was launched on the national market, this assumption was confirmed.
China’s CBDC was supposed to be the universal currency at this international event. If before that the digital yuan was available only to citizens of the country, then foreigners could also test it.
Beijing actively “
But Beijing itself “
puts spokes in the wheel” of the implementation of this project. The government has fenced off athletes and spectators from the rest of the city for fear of outbreaks of Covid-.
Also, the government introduced quotas for visitors to the Olympic Games. Together with diplomatic mistrust and the real threat of espionage, this significantly reduces the willingness of visitors to use China’s CBDC.
According to the representative of the Center for Strategic and International Studies, even if the digital yuan is used, there will be no significant increase in demand for this asset. The PRC has built a “wall of distrust” around itself, so that the currency is unlikely to go outside the country.
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