It is not surprising in today’s world that each and every developed country want to rule the world and have a monopolistic control across all the countries around the world. Two of the major front runners in the race to win the monopoly are USA and China. USA and China have had a lot of issues from the time, China made its intentions to rule the world. In 2000, President Clington went on to sign the US-China relations Act, which helped in granting Beijing normal trade relations and made a way into the World Trade Organization in 2001. After that, China went on to become US’s highest debt holder surpassing Japan at around $600 Billion. Economic conflicts have always been a part of US and China’s battle. In this view, three of the republican senators of US proposed a bill.
What’ the bill about? Let’s find out.
Three Republican senators, Tom Cotton, Mike Braun and Marco Rubio came up with a bill which was constructed to ban the use of China’s digital currency in the United States. The bill is referred as “Defending Americans from Authoritarian Digital Currencies Act” and it recommends to ban the use of China’s digital currency payment system, E-CNY, for all the US app stores and other purposes.
In app stores, major front runners such as Google App store and Apple App store have also been recommended to stop the apps or websites which are using Chinese Digital currency as payment option.
What did the Senators have to say? Lets see.
The senators claimed that, banning China’s digital Yuan in US would help the nation to avoid any kind of direct control and surveillance of user’s financial activity.
Tom Cotton, one of the renowned proponents of the U.S digital dollar project, specifically argued that a CBDC can definitely be used to spy on users’ activity, especially the users of US and added on that, The Chinese Communist Party will certainly use the digital currency to control and spy on anyone who uses it. He added that, US is not in a position to give such a chance to China and has to attack China’s attempt at its most basic level.
Since the beginning, the relationship between the US and China has been poor. Historically, US authorities have viewed the Chinese as a national security threat. In such circumstances, there is no surprise that the senators of US went on to pass a bill which proposes to restrict the use of Chinese made digital currency in the country.