Lawmakers are introducing a new bill in the United States that will limit the use of China’s digital Yuan. The bill prohibits app platforms from hosting any app that lets users transact with Chinese digital currency. US Senator Tom Cotton, who introduced the bill, says that China will use it to spy on and control anyone who uses their currency. So, the United States cannot give China that chance and compromise on the security of its people.
China’s digital Yuan will not be usable in the United States
The new bill is called “Defending Americans from Authoritarian Digital Currencies.” Tom Cotton introduced it with the backing of Mike Braun and Marco Rubio. The bill will restrict the use of China’s digital Yuan in the US. This will be made possible by ensuring that popular App platforms like Apple and Google don’t host apps that enable their transactions.
It is true that the US doesn’t trust China, and digital currencies are something that the communist nation can use to its advantage to spy on the US. After all, even US Senator Ted Cruz is skeptical about privacy concerning their own CBDC, so it’s fair to think the same way about China’s one. More important, China has a bad reputation which has pushed the senators to introduce this bill.
Mike Braun explains this by saying that China’s community party directly controls and spies on the financial lives of normal individuals. This kind of authoritarian regime can’t be allowed in the United States, or they will collect data on Americans and infiltrate their economy. China has already made it clear many times that they want to replace the US on the world stage, so it makes no sense for the US to assist them in that, said Marco Rubio.
China’s digital Yuan is taking off
China is probably the only major country that has been able to push its digital currency for mass use. There are around 261 million users in the country. And more than $13.8 billion in transactions have been made using the digital Yuan. It is still in the test phase, and the central banks are adding more cities to their list with time. So, the adoption in the country is only going to get better from here.
What are your thoughts as Senators introduce a new bill that will limit the use of digital Yuan in the United States? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: SEC Commissioner accepts that crypto regulation is being mishandled.
