British Intelligence warns against use of Chinese digital currency

British Intelligence Agency has issued a warning that the use of Chinese digital currency Renminbi as a tool for global currency operations ahead of the scheduled Winter Olympics next year.

The British Intelligence Agency has red-flagged the use of Chinese digital currency Renminbi as a tool for global currency transactions and that digital renminbi that Beijing vigorously promoted before the Winter Olympics may become surveillance users and control users, the agency indicated raising security concerns, according to Singapore Post.

Further, Jeremy Fleming, the Director of the Government Communications Headquarters (GCHQ) of the British Intelligence Agency, warned that although digital currencies provide a huge amount of money for the mass payment system Opportunities, but this new technological development also brings threats.

"If implemented by mistake, it will give hostile countries the possibility of monitoring digital currency transactions. This gives them the ability to be able to exercise control over digital currency operations," Fleming said.

"Communist China is now the "biggest strategic problem" facing the UK and that Beijing is expanding espionage activities and seeking control over the digital infrastructure," he added.

Further, if other countries collect a large amount of data on British citizens, including work, shopping, social and travel information, it will be deeply intrusive and may lead to sovereign erosion.

Earlier in December, Richard Moore, the Director of MI6, stated that Beijing is exporting technology to give it an opportunity to build an authoritarian control network around the world. He accused Beijing of drawing other countries into a "data trap."

Further, Digital currency may be such a trap. According to the People's Bank of China, the Central Bank of the Communist Party of China, 140 million individuals and companies have signed up to use the digital renminbi, according to Singapore Post.

In the past, the United Kingdom publicly accused Russia and China of hacking operations supported by countries such as Russia and China. Earlier, three US Republican Senators urged the US Olympic Organizing Committee to ban US athletes from using China's new digital currency during the Beijing Winter Olympics.

( With inputs from ANI )

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