According to the Foundation for Defense of Democracies’ Craig Singleton, there will also likely be a delay in the crypto market adoption by the masses if the number of watchers at the major international sporting event is limited.
There is a payment option for the event at various venues which is with digital currency. Although the support staff and athletes coming for the 2022 Olympics in Beijing have this payment option, the international try-out of China’s Central Bank Digital Currency is reportedly encountering difficulties as a result of the COVID epidemic.
In correspondence to CNN’s report on Monday, the support staff, journalists, and athletes for the Olympics games of the country are greatly isolated from the Chinese population in a quarantine “bubble” to avoid the spread of COVID-19. The Chinese government determined to restricting the count of physically present spectators in combination with the precautions may cause far fewer people to sample the digital yuan as a means of payment at the major event.
A senior fellow at the Foundation for Defense of Democracies, Craig Singleton said “The event would have created a very good first-time real opportunity for Chinese nationals tourists alike to get themselves acquainted with the digital yuan, but when the Chinese parliament decided to stringently limit the Olympic spectators’ number, they bolted the doors of the opportunity,”. “Just that decision alone, will most likely further delay the mass adoption of the digital currency more than anything else.”
The news outlet reported that approximately 11,000 people will be isolated from the Chinese population. However, foreign and Chinese visitors are not permitted to be at the event at all. Despite these measures and all that was put in place, Reuters reported on Monday that within the past four days, 119 cases of COVID-19 had been detected by the officials “among athletes and personnel.
About 3,000 athletes from 91 countries are expected to take part in this year’s Olympics games, but a positive COVID-19 test from any single person could bring an end to the competition for several people with whom the person came into contact.
Last year during the 2020 Summer Olympics, They severely restricted participants and observed precautions, despite all the measures they took to prevent the spread of the COVID-19, Tokyo recorded 788 positive cases among the athletes, volunteers, and officials.
Nonetheless, Even if the operations of games were carried out outside restrictions as a result of the pandemic, United States lawmakers have instructed Olympic officials to forbid athletes from utilizing the digital yuan during the Olympic Games. A letter was written by Roger Wicker, Cynthia Lummis, and Senators Marsha Blackburn to the Paralympic Committee and the United States Olympics in July explaining that the Communist Party of the Chinese could utilize the digital currency to closely monitor athletes that came for the event. This can be used by them when they are in China and when they return to the U.S.
Given that the use of digital currency could be infected with malicious software, the board has suggested that athletes should not come to the event with their smartphones. The only phone allowed while in China are phones that are regarded as “burners”.
In April 2020, Chinese officials started conducting digital yuan trials, giving away CBDC worth thousands of dollars to residents of major cities including Shenzhen, Shanghai, Chengdu, and Suzhou. Last Friday Cointelegraph reported that since the launch of the digital yuan, its transactions have totaled more than 13 billion dollars, with approximately 10 million dealers initiating digital wallets for the CBDC by November 2021. Earlier this month, as China’s central b, and increased its effort to establish the creation of a digital currency, an application of the digital yuan wallet which is a pilot version has been released by the country on app stores on mobile phones.
China’s rollout of a CBDC has often been referred to by the United States lawmakers for privacy concerns and the Federal Reserve potentially being behind in a vital technological invention. Some officials within the United States government have referred to the digital yuan times without number as a national security threat for its potential effect on the dollar which is the world’s reserve currency.