news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

No Result
View All Result
news4global
No Result
View All Result
Home Regulation

Senators Introduce Bill to Limit Use of China’s Digital Currency in the US — ‘This Is a Major Financial and Surveillance Risk’ – Regulation Bitcoin News

May 28, 2022
Reading Time: 3 mins read
0
Senators Introduce Bill to Limit Use of China’s Digital Currency in the US — ‘This Is a Major Financial and Surveillance Risk’ – Regulation Bitcoin News
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Wyoming crypto bank’s Federal Reserve application denied

Wyoming crypto bank’s Federal Reserve application denied

January 28, 2023
US securities regulator probes Wall Street over crypto custody: Report

US securities regulator probes Wall Street over crypto custody: Report

January 27, 2023

Several U.S. lawmakers have introduced a bill to prohibit app platforms in the country from hosting apps that enable transactions using China’s central bank digital currency, the digital yuan. “The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance,” said the senator who introduced the bill.

Defending Americans from Authoritarian Digital Currencies Act

U.S. Senator Tom Cotton (R-Arkansas) introduced the “Defending Americans from Authoritarian Digital Currencies Act” Wednesday. The bill is co-sponsored by Senators Mike Braun (R-Indiana) and Marco Rubio (R-Florida).

According to the text of the bill, the legislation seeks “To prohibit the use of the digital currency payment system operated by the government of the People’s Republic of China, and for other purposes.”

Senator Cotton commented:

The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance.

Specifically, the legislation prohibits “app platforms in the United States from hosting apps that enable transactions using the Chinese Communist Party’s digital yuan (e-CNY),” the announcement details.

“The Chinese Communist Party’s digital yuan allows direct control and access to the financial lives of individuals. We cannot allow this authoritarian regime to use their state-controlled digital currency as an instrument to infiltrate our economy and the private information of American citizens,” said Senator Braun.

Senator Rubio opined, “It makes no sense to tie ourselves to the digital currency of a genocidal regime that hates us and wants to replace us on the world stage,” emphasizing:

This is a major financial and surveillance risk that the United States cannot afford to make.

China has been actively developing and testing its central bank digital currency (CBDC).

According to the latest data from the People’s Bank of China (PBOC), the digital yuan had 261 million unique users at the end of 2021. In addition, transactions worth more than 87.5 billion yuan ($13.8 billion) have been made using the e-CNY. In April, the Chinese central bank added more test cities for the digital yuan.

What do you think about the Defending Americans from Authoritarian Digital Currencies Act? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

Share76Tweet47

Related Posts

Wyoming crypto bank’s Federal Reserve application denied

Wyoming crypto bank’s Federal Reserve application denied

by admin
January 28, 2023
0

CHEYENNE, Wyo. (AP) — The Federal Reserve Board has denied a Wyoming cryptocurrency bank's application for Federal Reserve System membership,...

US securities regulator probes Wall Street over crypto custody: Report

US securities regulator probes Wall Street over crypto custody: Report

by admin
January 27, 2023
0

The United States Securities and Exchange Commission (SEC) has been probing traditional Wall Street investment advisers that may offer digital...

Crypto Custodian Aegis to Add Coverage of Lido’s Staked Token Derivatives

Crypto Custodian Aegis to Add Coverage of Lido’s Staked Token Derivatives

by admin
January 26, 2023
0

Aegis, which says it holds trust license in Hong Kong and and the U.S., offers custodial services for on-chain transactions,...

85 per cent of crypto firms fail to meet minimum regulatory standards

85 per cent of crypto firms fail to meet minimum regulatory standards

by admin
January 26, 2023
0

Thursday 26 January 2023 12:27 pm The regulatory body identified “significant failures” in relation to key controls such as customer...

Crypto lawyers to be in demand as regulatory pressure reaches boiling point

Crypto lawyers to be in demand as regulatory pressure reaches boiling point

by admin
January 26, 2023
0

Crypto-versed lawyers will play an increasingly important role in Web3 firms — particularly after the implosion of FTX and the industry...

Load More
  • Trending
  • Comments
  • Latest

Bitcoin Is ‘Definitely Not a Fraud,’ CEO of Mobile-Only Bank Revolut Says

March 2, 2022

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

March 3, 2022
How online shopping has changed over the last 30 years | National

How online shopping has changed over the last 30 years | National

April 6, 2022
Protocon Announces ‘Contract Model’, an Alternative

Protocon Announces ‘Contract Model’, an Alternative

April 6, 2022

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0
Bitcoin (BTC) Price Prediction 2025-2030: Will BTC’s sideways market continue

Bitcoin (BTC) Price Prediction 2025-2030: Will BTC’s sideways market continue

January 28, 2023
State crypto commission offers policy recommendations | State news

State crypto commission offers policy recommendations | State news

January 28, 2023
US Allows Use Of NFTs For Fundraising Activities, ReelStar Rolls Out NFT Creation Zone

Elon Musk Wants McDonald’s to Accept Dogecoin; Amazon to Launch NFT Initiative

January 28, 2023
Cryptocurrency Price Today: Popular Coins Like Bitcoin, Ethereum Reported Gains As Threshold Emerged As Biggest Loser

Cryptocurrency Price Today: Popular Coins Like Bitcoin, Ethereum Reported Gains As Threshold Emerged As Biggest Loser

January 28, 2023

Latest News

Bitcoin (BTC) Price Prediction 2025-2030: Will BTC’s sideways market continue

Bitcoin (BTC) Price Prediction 2025-2030: Will BTC’s sideways market continue

January 28, 2023
State crypto commission offers policy recommendations | State news

State crypto commission offers policy recommendations | State news

January 28, 2023

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global