December 2, 2022

Taylor Daily Press

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The bill seeks to prevent the use of the Chinese digital yuan in the United States

The bill seeks to prevent the use of the Chinese digital yuan in the United States

Three Republican senators want to block the digital yuan in the US market. Sites and applications have introduced a bill that would prevent them from hosting this software.

There is no digital yuan

These include Senators Tom Cotton, Mike Brown and Marco Rubio. Together, they worry that technology could be used to spy on American residents. That is why they have drafted a bill ‘Protecting Americans from the Official Digital Currency Act’.

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They want to limit China’s influence in the United States. The senators’ proposal aims to prevent US companies (such as Google and Apple) from hosting applications that promote the Chinese digital yuan.

This central banking digital currency (CBDC) is also known as e-CNY.

Cotton writes in a tweet:

“The Chinese Communist Party will be used to monitor and spy on everyone who uses its digital currency. We cannot give China that opportunity. The United States must reject China’s attempt to undermine our economy at the most fundamental level.”

Since it is the money of the central bank, the whole infrastructure of this payment system comes into the hands of one party; China in this case. Digital money is still in the hands of commercial banks and money comes out of the central bank’s press; They want to replace it with CBDCs.

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China leads

China has come a long way in improving its digital currency. WeChat (from Tencent), one of the largest messaging applications in the country, has been supporting e-CNY since early January.

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Earlier this year, the digital yuan was introduced at the Beijing Winter Olympics, where it was used in international testing.

By the way, bills are also created to prevent a digital dollar. Politicians (like Tom Emmer) do not think this is a good idea and ‘Federal Reserve Digital CurrencyShould be avoided.

Bitcoin takes place outside the spectrum of this centralization. Bitcoin operates globally, is decentralized and has no affiliation with politicians and central banks.

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