<span style="font-weight: 400">One of the key intelligence organizations in the <a href="https://www.cryptoknowmics.com/news/adveritising-authority-of-uk-investigates-floki-inu-cryptocurrency-ads/">United Kingdom</a>, the Government Communications Headquarters (GCHQ), has raised concern over China's digital renminbi. Sir Jeremy Fleming said that the <a href="https://www.cryptoknowmics.com/news/the-central-bank-says-central-bank-digital-currencies-cbdc-to-be-legal-tender/">Chinese CBDC</a>, which currently exists, might be used to gather data from users as well as control and filter global transactions in principle.</span>

https://twitter.com/BTCTN/status/1470325543878942725

<span style="font-weight: 400">Fleming went on to say that China is marketing its digital yuan wallet as one of the payment options for both locals and visitors to the upcoming Beijing Winter Olympic Games. This may encourage international visitors to download and use the digital renminbi wallet to pay for products and services during the event.</span>

The concerns that Fleming expresses are the outcome of China's recent breakthroughs and advancements in the sphere of digital money. While several governments have written dissertations about establishing a central bank digital currency and some have already done it, no country has developed a pilot as far as China has.

British Intelligence Chief Urges Caution on Use of Digital Renmibi for Global Transactions

GCHQ has raised concern over China's digital renminbi. Fleming concerns about the outcome of China's recent advancements in the sphere of digital money.

Trishla is a crypto writer and social media aficionado. She has substantial experience in covering updates, events, and news related to the crypto space, along with rapidly expanding blockchain and financial technology markets. Her experience in the cryptocurrency market has led her to become a crypto hodler herself.

British Intelligence Chief Urges Caution on Use of Digital Renmibi for Global Transactions

Top Picks