Senators Introduce Bill to Limit Use of China’s Digital Currency in the US — ‘This Is a Major Financial and Surveillance Risk’

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Senators Introduce Bill to Limit Use of China's Digital Currency successful  US

Several U.S. lawmakers person introduced a measure to prohibit app platforms successful the state from hosting apps that alteration transactions utilizing China’s cardinal slope integer currency, the integer yuan. “The Chinese Communist Party volition usage its integer currency to power and spy connected anyone who uses it. We can’t springiness China that chance,” said the legislator who introduced the bill.

Defending Americans from Authoritarian Digital Currencies Act

U.S. Senator Tom Cotton (R-Arkansas) introduced the “Defending Americans from Authoritarian Digital Currencies Act” Wednesday. The measure is co-sponsored by Senators Mike Braun (R-Indiana) and Marco Rubio (R-Florida).

According to the substance of the bill, the authorities seeks “To prohibit the usage of the integer currency outgo strategy operated by the authorities of the People’s Republic of China, and for different purposes.”

Senator Cotton commented:

The Chinese Communist Party volition usage its integer currency to power and spy connected anyone who uses it. We can’t springiness China that chance.

Specifically, the authorities prohibits “app platforms successful the United States from hosting apps that alteration transactions utilizing the Chinese Communist Party’s integer yuan (e-CNY),” the announcement details.

“The Chinese Communist Party’s integer yuan allows nonstop power and entree to the fiscal lives of individuals. We cannot let this authoritarian authorities to usage their state-controlled integer currency arsenic an instrumentality to infiltrate our system and the backstage accusation of American citizens,” said Senator Braun.

Senator Rubio opined, “It makes nary consciousness to necktie ourselves to the integer currency of a genocidal authorities that hates america and wants to regenerate america connected the satellite stage,” emphasizing:

This is simply a large fiscal and surveillance hazard that the United States cannot spend to make.

China has been actively processing and investigating its cardinal slope integer currency (CBDC).

According to the latest data from the People’s Bank of China (PBOC), the integer yuan had 261 cardinal unsocial users astatine the extremity of 2021. In addition, transactions worthy much than 87.5 cardinal yuan ($13.8 billion) person been made utilizing the e-CNY. In April, the Chinese cardinal slope added much trial cities for the integer yuan.

What bash you deliberation astir the Defending Americans from Authoritarian Digital Currencies Act? Let america cognize successful the comments conception below.

Kevin Helms

A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.

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