Senators Introduce Bill to Limit Use of China’s Digital Currency in the US — ‘This Is a Major Financial and Surveillance Risk’
Several U.S. lawmakers have introduced a bill to prohibit app platforms in the country from hosting apps that enable transactions using China’s central bank digital currency, the digital yuan. “The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance,” said the senator who introduced the bill. Defending Americans from Authoritarian Digital Currencies Act 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). 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.” Senator Cotton commented: The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give C