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Digital Yuan: US nervousness increases

Cynthia Lummis' proposal is a prime example of this

Lo digital yuan is fast approaching its eagerly awaited debut. After the long phase of experimentation in some large areas of the China, now everything seems ready for the debut of what promises to be an instrument of great importance for the financial supremacy of the eastern giant. Enough to arouse great nervousness in the United States, where many see the imperial power of the dollar endangered. However, without significant responses from the Washington government. At least so far.

Cynthia Lummis - Digital Yuan: ups the nervousness of the United States

Cynthia Lummis takes action against the digital yuan

Cynthia Lummis she is already a well-known senator in the world of cryptocurrencies. For some time now she has been a great supporter of digital assets and praises their virtues, in particular those of Bitcoin. Enough to propose a financial innovation committee, aimed at making his colleagues understand the potential of digital money.
Elected in Wyoming, she was recently called to be a member of the Senate's “Banking, Housing and Urban Affairs Commission”, considered a key place for financial decisions.
His latest initiative seems once again destined to cause discussion. Together with colleagues Martha Blackburn e Roger Wicker, in fact asked the president of the United States Olympic and Paralympic Committee to to forbid the use of the digital yuan to the athletes who will participate in the next Winter Olympics scheduled in Beijing next year.

The Beijing Winter Olympics as a test bed for the digital yuan

Indeed, the next Winter Olympic Games could be characterized not only by the achievements of the athletes, but also by the presence of CBDC (Central Bank Digital Currency) of China. Which has almost completed the test phase, in which about 21 million citizens and 3,5 million companies were involved.
An exceptional showcase for the digital yuan, which is seen by Beijing as the ideal tool to attack the supremacy of the dollar. And by many Americans as a formidable threat to Washington's global leadership. So much so that it has prompted some sectors of the stars and stripes to consider the idea of ​​a digital dollar. An idea that, for now, however, has remained on paper, without arousing particular interest in government circles. In this situation of partial inertia, the initiative of Lummis and her colleagues now comes to fall.

The motivations of Cynthia Lummis: simple propaganda?

Why did Lummis decide to launch this initiative? The reasons behind it seem actually quite trite and old: the digital yuan it would represent, in her opinion, a tool of control of the Chinese government towards the citizens. A motivation that actually resembles the discovery of hot water. Governments from all over the world exercise their control over the actions of their citizens in various ways. Among which also the monitoring of transactions carried out. It would be enough to think about what happens in Italy, where the Inland Revenue can ask for the amount of money deposited in bank accounts for the savings meter.
In short, we are in the presence of one simple propaganda tirade aimed at highlighting the liberticidal character of what in the United States is referred to as a regime. Cold war tones that, ultimately, hide Washington's inability to respond in the most appropriate way to the Beijing offensive in the financial sphere.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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