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

Several U.S. lawmakers have introduced a bill to prohibit app platforms in the country from hosting apps that enable transactions using China’s central bank digital currency, the digital yuan. “The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance,” said the senator who introduced the bill.

Protecting Americans From Authoritarian Digital Currencies Act

U.S. Senator Tom Cotton (R-Arkansas) introduced the “Defending Americans from Authoritarian Digital Currencies Act” Wednesday. Marco Rubio, R-Florida), and Mike Braun (R–Indiana) cosponsored the bill.

According to the text of the bill, the legislation seeks “To prohibit the use of the digital currency payment system operated by the government of the People’s Republic of China, and for other purposes.”

Senator Cotton said:

To spy and control anyone using its digital currency, the Chinese Communist Party is going to use it. We can’t give China that chance.

Specifically, the legislation 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 cannot allow this authoritarian regime to use their state-controlled digital currency as an instrument to infiltrate our economy and the private information of American citizens,” said Senator Braun.

Senator Rubio opined, “It makes no sense to tie ourselves to the digital currency of a genocidal regime that hates us and wants to replace us on the world stage,” emphasizing:

The United States can’t afford to take this risk.

China actively developed and tested its central bank’s digital currency (CBDC).

According to the latest data from the People’s Bank of China (PBOC), the digital yuan had 261 million unique users at the end of 2021. eCNY also enabled transactions of more than 87.5 million yuan ($13.8 Billion). Additional test cities were added by the Chinese central banking to the digital currency in April.

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Kevin Helms

Kevin, a student of Austrian Economics and a Bitcoin evangelist since 2011, was one of the first to discover Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.