Three Republican senators introduced a bill to protect Americans from the "Authoritarian Digital Currencies Act."
Lawmakers in the United States are moving to protect the country from the potential undesirable impacts of the global adoption of China’s national digital currency.Three Republican senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a bill on May 25, aiming to limit the use of China’s central bank digital currency (CBDC) in the United States.The bill is referred to as “Defending Americans from Authoritarian Digital Currencies Act” and proposes to prohibit the use of China’s digital currency payment system, e-CNY, for US app stores and other purposes.The term “app store” covers all publicly accessible websites, software apps or other electronic services distributing apps from third-party developers to users of computers, mobile devices or any other “general-purpose computing device,” the senators noted.According to the bill, app and software distributors in the US shall not support or enable transactions in e-CNY or support any app that features such transactions in the country.The senators reasoned that banning China’s digital yuan in the US would help the nation avoid “direct control” and surveillance of users’ financial activity.Cotton, a known proponent of the US digital dollar project, specifically argued that a CBDC could be used to spy on the financial activity of people, stating:“The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it.
