Self made on app

US Senators Introduce Bill To Ban Digital Yuan

By Yugocean | Crypto Champion | 29 May 2022

     On Thursday, May 26th, 2022, three Republican Senators, Tom Cotton, Mike Braun, and Marco Rubio, introduced a bill in the US Congress to outlaw the digital Yuan e- CNY.

Tweet by US senators

The e-CNY
First CBDC - The e-CNY is a digital form of the Chinese national currency Yuan, and it is the world's first CBDC, developed by the People's Bank of China (PBOC).

Strong Promotion - China has been encouraging the usage of its digital currency, and in January 2022, it developed iOS and Android versions of e-CNY wallets to to facilitate its access; e-CNY's international trial was held in February 2022 during the Beijing Olympic Winter Games.

Bill - The "Defending Americans from Authoritarian Digital Currencies Act," introduced by US senators, is aimed at the Chinese Communist regime and openly links e-CNY to national and economic security issues.

Meaningful - The bill aims to prevent firms based in the United States, such as Google and Apple, from hosting software on their app stores. All publicly available electronic services (including websites and applications) that distribute third-party produced apps to consumers on any computing device, including PCs and mobile phones, are referred to as "app stores."

     China -     The bill, according to the Chinese embassy in the United States, is just another example of bullying. China isn't going to be very happy with the bill, because it will surely bar it's CDBC at international level.

     Public - People thinks this bill is an attempt to control digital assets in the name of sabit US from China.



How do you rate this article?



Judge me by my action. Personally everyone will do self praise,.

Crypto Champion
Crypto Champion

Cryptocurrency-related contents that explains the status, need, or redundancy of new and old cryptocurrencies.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.