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digital yuan

Digital Yuan Ban: Senators Seek To Ban China’s E-CNY From US App Stores

Christian Encila
by Christian Encila
3 years ago
·
Posted in CBDC, Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Three Republican senators are pushing to prohibit portals from allowing apps that facilitate payments of China’s digital yuan out of concern that it could be used for espionage against American citizens.

The proposed “Defending Americans from Authoritarian Digital Currencies Act” would outlaw the use of China’s e-CNY for app stores and other uses in the United States.

Suggested Reading | Binance And Kazakhstan Ink MOU On Crypto, Blockchain Regulation

US Says No To Digital Yuan

Senators Mike Braun (IN), Tom Cotton (AR), and Marco Rubio (FL) consider this a question of national and economic safety, and they intend to oppose China’s efforts to weaken the US economy.

The proposed legislation prohibits app retailers, including Google and Apple, from hosting applications that collect virtual currency purchases. This includes the popular messaging service WeChat, which stated earlier this year that it will support the Chinese digital currency.

Senator Marco Rubio characterizes China's digital yuan as a "significant financial and surveillance risk." (American Civil Liberties Union)

China began its pilot test of the e-CNY in 2019 and has since implemented it in at least 15 cities. The e-CNY, which is intended to replace actual coinage, is controlled by the government and issued by a central bank, unlike cryptocurrencies such as Bitcoin or Ether.

US Fears Chinese Spying Via Digital Currency

In a statement, Braun argued that China may use the state-controlled digital currency to gain access to the private data of American residents and the economy.

According to the senators, the phrase “app store” encompasses all software apps, publicly available websites, and other electronic services that distribute apps from third-party developers to users of PCs, mobile devices, and other “general-purpose computing devices.”

Crypto total market cap at $1.16 trillion on the daily chart | Source: TradingView.com

Cotton issued a press statement on Thursday stating:

“The Chinese Communist Party will use its digital currency to spy on anyone who uses it. We can’t allow China to get that opportunity — the US should deny China’s attempt to undermine our economy.

Rubio characterized the digital yuan as a “significant financial and surveillance risk that the United States cannot afford to take.”

Suggested Reading | Dogecoin Climbs After Elon Musk Tweets SpaceX Will Accept The Meme Coin

The digital money of China has prompted privacy and safety worries. During the 2022 Olympic Games in Beijing, a group of Republican legislators urged American athletes against using the digital yuan, fearing that the central bank could track it.

China’s digital yuan project now leads all central bank digital currency initiatives, with the Asian nation conducting multiple testing and announcing its willingness to pursue international payments.

Featured image from Getty Images, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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