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

https://news.bitcoin.com/senators-introduce-bill-to-limt-use-of-chinas-digital-currency-in-the-us-this-is-a-major-financial-and-surveillance-risk/ ^ | 05/27/2022 | Kevin Helms

[BenLurkin]

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.”

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.

China has been actively developing and testing its central bank 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. In addition, transactions worth more than 87.5 billion yuan ($13.8 billion) have been made using the e-CNY. In April, the Chinese central bank added more test cities for the digital yuan.

[Robert DeLong]

Bad link to article

[Robert DeLong]

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

[BenLurkin]

Thank you for the heads-up.

https://news.bitcoin.com/senators-introduce-bill-to-limit-use-of-chinas-digital-currency-in-the-us-this-is-a-major-financial-and-surveillance-risk/

[Robert DeLong]

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

[rigelkentaurus]

All digital currency is “This Is a Major Financial and Surveillance Risk”, especially if issued by the US Government / Federal Reserve. This bill is way to narrow in scope and should prohibit ALL digital currency.

[dblshot]

Hey sailor I show you yuan good time. And next thing you know you ...

[Rural_Michigan]

But it’s ok if uncle Sam does it.

[sauropod]

.

[Ancesthntr]

Grandpa ice cream will veto it, even if it passes (and Nanzi won’t allow that).