US Senators Propose the Banning of Chinas Digital Yuan in
A new bill in the US Senate has been drafted against China’s new central bank digital currency in apps that enable that transaction, claiming that it could be used as a spy on US citizens.
The bill calls on the Secretary of Commerce to produce a series of reports on China’s use of the digital yuan (e-CNY) and the expansion of its network into the United States.
This plan will such as Google and Apple from having apps on their app stores that could allow Chinas digital yuan transactions. Blockworks contacted the two companies on the same issue, but there was no response.
Republicans’ view of Chinas yuan
Republican senators Tom Cotton, Mike Braun, and Marco Rubio have brought up the “Defending Americans from Authoritarian Digital Currencies Act,” intending to reject China’s direct control of the US.
Tom Cotton said they would not give The Chinese Community Party a chance to undermine the US economy at its most basic level by using China’s yuan to spy and control its users.
Crypto proponent Senator, Pat Toomey, alerted US policymakers on the digital yuans potential to circumvent US sanctions and facilitate illicit money flows.
One of the Republicans said that they would not give a chance to the e-CNY to infiltrate the economy and the private information of Americans by directly accessing and controlling individuals financial lives.
Many players in the US government view the digital yuan as a tool of Chinese surveillance that may also foster economic dependency in countries that adopt it. Moreover, they see it as a tool to undermine the global dominance of the US dollar.
Chinas desire to expand cryptocurrency
China has been eager to expand the use of digital assets until January, when China’s largest messaging app, Tencent-owned WeChat, started supporting the digital yuan. The e-CNY was featured in an international trial among foreign athletes when it appeared at the Beijing Olympic Winter Games.
China’s yuan will replace physical coins and notes, unlike cryptos such as bitcoin or Ethereum, since it is state-controlled and issued by a central bank.
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