{"id":64685,"date":"2022-05-28T09:01:10","date_gmt":"2022-05-28T09:01:10","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=64685"},"modified":"2022-05-28T09:01:10","modified_gmt":"2022-05-28T09:01:10","slug":"senators-introduce-bill-to-limit-use-of-chinas-digital-currency-in-the-us-this-is-a-major-financial-and-surveillance-risk","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=64685","title":{"rendered":"Senators Introduce Bill to Limit Use of China\u2019s Digital Currency in the US \u2014 \u2018This Is a Major Financial and Surveillance Risk\u2019"},"content":{"rendered":"

\"Senators<\/p>\n

Several U.S. lawmakers have introduced a bill to prohibit app platforms in the country from hosting apps that enable transactions using China\u2019s central bank digital currency, the digital yuan. \u201cThe Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can\u2019t give China that chance,\u201d said the senator who introduced the bill.
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<\/strong>\n<\/p>\n

Defending Americans from Authoritarian Digital Currencies Act<\/h2>\n

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\nU.S. Senator Tom Cotton (R-Arkansas) introduced the \u201cDefending Americans from Authoritarian Digital Currencies Act\u201d Wednesday. The bill is co-sponsored by Senators Mike Braun (R-Indiana) and Marco Rubio (R-Florida).<\/p>\n

According to the text of the bill, the legislation seeks \u201cTo prohibit the use of the digital currency payment system operated by the government of the People\u2019s Republic of China, and for other purposes.\u201d<\/p>\n

Senator Cotton commented:\n<\/p>\n

\n

The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can\u2019t give China that chance.<\/p>\n<\/blockquote>\n

\n
\nSpecifically, the legislation prohibits \u201capp platforms in the United States from hosting apps that enable transactions using the Chinese Communist Party\u2019s digital yuan (e-CNY),\u201d the announcement details.<\/p>\n

\u201cThe Chinese Communist Party\u2019s 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,\u201d said Senator Braun.<\/p>\n

Senator Rubio opined, \u201cIt 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,\u201d emphasizing:\n<\/p>\n

\n

This is a major financial and surveillance risk that the United States cannot afford to make.<\/p>\n<\/blockquote>\n

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\nChina has been actively developing and testing its central bank digital currency (CBDC).<\/p>\n

According to the latest data<\/a> from the People\u2019s 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.<\/p>\n

What do you think about the Defending Americans from Authoritarian Digital Currencies Act? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Several U.S. lawmakers have introduced a bill to prohibit app platforms in the country from hosting apps that enable transactions using China\u2019s central bank digital currency, the digital yuan. \u201cThe Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can\u2019t give China that chance,\u201d said the […]<\/p>\n","protected":false},"author":2,"featured_media":64686,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-64685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/64685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64685"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/64685\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/64686"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}