Several US lawmakers have introduced a bill to ban app platforms in the country from hosting apps that enable transactions using China’s central bank digital currency, the digital yuan. “The Communist Party of China will use its digital currency to control and spy on anyone who uses it. We cannot give China that chance,” said the senator who introduced the bill.
Defending Americans from the Authoritarian Digital Currency Act
US Senator Tom Cotton (R-Arkansas) introduced the “Defending Americans from Authoritative Digital Currency Act” on Wednesday. The bill is co-sponsored by Senators Mike Braun (R-Indiana) and Marco Rubio (R-Florida).
According to the text of the bill, the law seeks “to prohibit and for other purposes the use of digital currency payment systems operated by the government of the People’s Republic of China.”
Senator Cotton commented:
The Chinese Communist Party will use its digital currency to control and spy on anyone. We can’t give China that chance.
Specifically, the law “prohibits app platforms in the United States from hosting apps that enable transactions using the Chinese Communist Party’s digital yuan (e-CNY),” the announcement details.
“The Chinese Communist Party’s digital yuan allows direct control and access to the financial lives of individuals. We consider this authoritarian regime our state-controlled digital currency as a tool to infiltrate our economy and the private information of American citizens. cannot be allowed to be used,” Senator Braun said.
“There is no point in tying ourselves to the digital currency of a genocidal regime that hates us and wants to replace us on the world stage,” Senator Rubio said, emphasizing:
This is a major financial and surveillance risk that the United States cannot afford.
China is actively developing and testing its own central bank digital currency (CBDC).
According to the latest figures from the People’s Bank of China (PBOC), the digital yuan had 261 million unique users at the end of 2021. In addition, more than 87.5 billion yuan ($13.8 billion) of transactions have been done using e-. CNY. In April, the Chinese central bank added more test cities for the digital yuan.
What do you think about the Defending Americans from Authoritative Digital Currencies Act? Let us know in the comments section below.
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