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US politicians want to ban China’s use of CBDCs

Mike Braun, Tom Cotton and Marco Rubio assert that China’s digital yuan should be banned from US app stores.

Republican senators — Mike Braun, Tom Cotton and Marco Rubio — have introduced draft legislation focusing on the Chinese digital yuan. Lawmakers believe it should be banned on American soil.

Last summer, US politicians – Marsha Blackburn, Roger Wicker and Cynthia Lummis – advised American athletes not to use E-CNY during the 2022 Winter Olympics, fearing the risk of injury. spy.

Soon after, China’s Foreign Ministry responded, calling on the US to “stop making trouble” with the digital Yuan. Zhao Lijian, a spokesman for the ministry, went further, arguing that the US doesn’t know what a digital currency is.

Recently, three Republicans – Mike Braun, Tom Cotton and Marco Rubio – introduced a draft bill that would limit the use of Chinese CBDCs in US app stores.

The bill, known as the “Arbitrary Digital Currency Act,” needs to be approved by the Senate, House and President Biden before it becomes law.

According to Cotton, the move is urgent because otherwise China could use its digital currency to “control and spy” on whoever uses it.

“We can’t give China that chance, the United States should stop China’s attempt to sabotage our economy at the most fundamental level,” he added.

Earlier this year, Richard Turrin – FinTech Consultant at CNBC – suggested that the digital yuan could weaken USD dominance over the next ten years.

In his view, the US should catch up with China by launching a digital dollar. Otherwise, many countries will become less dependent on the greenback in the coming years.

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