Washington, D.C. – Senators Tom Cotton (R-Arkansas), Mike Braun (R-Indiana), and Marco Rubio (R-Florida) introduced the Defending Americans from Authoritarian Digital Currencies Act, legislation to prohibit app platforms in the United States from hosting apps that enable transactions using the Chinese Communist Party’s Digital Yuan (e-CNY). Text of the bill may be found here.
“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—the United States should reject China’s attempt to undermine our economy at its most basic level,” said Cotton.
“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 Braun.
“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,” said Rubio. “This is a major financial and surveillance risk that the United States cannot afford to make.”