Nine Republican senators have supported legislation aimed at shaping the policies of US government agencies. concerning that money China’s “digital yuan” may be used to avoid sanctions and user privacy issues.
In the announcement on Wednesday Louisiana Senator Bill Cassidy and Tennessee Senator Marsha Blackburn, backed by seven other Republican senators, haveofferThe Say No To the Silk Road Act, which requires certain government agencies to report on the People’s Bank of China’s digital currency, the CBDC, said the two senators had concerns about digital surveillance. and the privacy of citizens and international users due to the Chinese launch of the CBDC.
If this bill is passed US Department of Commerce and Trade Representative The impact of the digital yuan must be reported. While the US Department of State will issue a warning about CBDC, which the draft law alsoincludingRequirements for the Administrative and Budget Office to develop guidelines for entities using digital yuan. and giving foreign governments financial aid for the military to reveal whether they use CBDC.
“If left unchecked Technologies including China’s “digital yuan” will allow Russia to circumvent global sanctions on systems such as SWIFT and enable the CCP to continue spying on and threatening its citizens, Blackburn said.
As Russia faces sanctions from the United States and the European Union that threaten its economy. some reportsrecommendthat Russia may turn to China for a solution By taking advantage of payment systems, including UnionPay, many lawmakers have turned their attention to digital assets as it could allow Russia to circumvent these measures. by on wednesday US President Joe Biden has announced that he has signed an executive order focused on creating a regulatory framework for crypto, outlining its possible role in circumventing sanctions.
The post US prepares to push legislation Targeting China’s CBDC to circumvent sanctions and privacy appeared first on Bitcoin Addict.