Digital Renminbi Raises Concerns: UK Intelligence Worried

Snapshot

• UK worried about the advancements made by Chinese CBDC

The Chief of one of the biggest intelligence agencies in the UK, Government Communications Headquarters (GCHQ), has raised concerns about adoption of digital Renminbi on global transactions. “Sir Jeremy Fleming” stated that if the currency is extended to others, and its usage is done in the same way as used by locals, it will definitely have an adverse effect. 

GCHQ is accountable for information security in the UK and organizes cyber defense in case of an attack.    

China has started to promote digital Renminbi wallets as an alternate method for payment for the next Beijing Winter Olympic Games. This will prompt many foreigners to install a digital Renminbi wallet and use it for payment during the Games. 

The reason for Fleming’s worries is because of the advancements that China has made in the field of digital currency. Management of these cryptocurrencies globally is not possible as there is no proper framework for this. Even China has not shown any intentions of sharing information or collaborating with other countries, regarding this issue.

Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investment.

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