Several US legislators have submitted a bill banning domestic app platforms from hosting apps that allow transactions using the digital yuan, the digital currency of the central bank of China. “The Chinese Communist Party uses digital currencies to control and spy on everyone who uses them. We can’t give China that chance,” he said.
Protecting Americans from Authoritarian Digital Currency Law
US Senator Tom Cotton (R-Arkansas) introduced on Wednesday “Protecting Americans from Authoritarian Digital Currency Law.” The bill is co-sponsored by Senator Mike Brown (R-Indiana) and Marco Rubio (R-Florida).
According to the text of the bill, the law requires “to ban the use of digital currency payment systems operated by the Government of the People’s Republic of China, and for other purposes.”
Senator Cotton commented:
The Chinese Communist Party uses its digital currency to control and spy on everyone who uses it. You can’t give China that chance.
Specifically, the law bans U.S. app platforms from hosting apps that allow trading using the Chinese Communist Party’s Digital RMB (e-CNY),” details the announcement. increase.
“The Chinese Communist Party’s digital source gives us direct control and access to an individual’s economic life. This authoritarian regime allows state-controlled digital currencies to be used for our economy and the personal information of American citizens. We cannot allow it to be used as a means of infiltrating the economy, “said Senator Brown.
Senator Rubio emphasized that “it doesn’t make sense to tie ourselves to the genocide digital currency that hates us and is trying to replace us on the world stage.”
This is a major financial and oversight risk that the United States cannot afford to create.
China is actively developing and testing the Central Bank Digital Currency (CBDC).
According to the latest data According to the People’s Bank of China (PBOC), the number of unique users of digital yuan at the end of 2021 was 261 million. In addition, more than 87.5 billion yuan ($ 13.8 billion) was traded using e-CNY. In April, the central bank of China added a digital original test city.
What do you think about protecting Americans from authoritarian digital currency laws? Let us know in the comments section below.
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