US Republican lawmakers introduce new bill targeting Chinese CBDCs

US Republican lawmakers introduce new bill targeting Chinese CBDCs

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2022-03-14 10:26:54

Recently, Republican lawmakers have introduced a bill targeting CBDC – a Chinese cryptocurrency bank in terms of sanctions, privacy. “This new bill will hold China accountable for the introduction of new cryptocurrencies,” said US Sgt.

Many Republican legislators present bill on Chinese CBDC

US Republican lawmakers introduce new bill targeting Chinese CBDCs

As many as nine Republican senators supported the bill to direct the policies of US government agencies. Because of fear that China will use cryptocurrencies to evade sanctions and steal user information.

In a press release on Wednesday (March 9), Louisiana Senator Bill Cassidy and Tennessee Senator Marsha Blackburn, with the support of seven other Republican senators, proposed saying NO to the Silk Road. silk. In this bill, it requires government agencies to report on cryptocurrencies of Chinese banks or malls. The two senators said they are very concerned about the monitoring of cryptocurrencies and the privacy of citizens and foreign users deployed by Chinese banks.

If this measure passes, the Secretary of Commerce and the United States Trade Representative will be required to report on the impacts of cryptocurrencies on the commerce industry as well as trade enforcement actions. The foreign ministry will also issue warnings to Chinese crypto banks.

The bill also requires the Office of Management and Budget to provide guidance for Chinese authorities to use cryptocurrencies. It also requires countries that receive military financial support to report if they are using cryptocurrencies from Chinese banks.

Concerns about Chinese and Russian cryptocurrencies

Blackburn said:

“If left unchecked, Chinese technologies like cryptocurrencies would allow Russia to evade sanctions like SWIFT and allow the CPP to intimidate its citizens.”

Russia sanctions from the United States and the European Union are threatening Russia’s economy. According to one report, Russia could turn to China to solve these problems, by tapping into payment systems like Unionpay.

Lawmakers have been keeping an eye on digital assets that could potentially help Russia evade sanctions.

Last Wednesday, US President Joe Biden announced that he had signed an executive order related to regulating the regulatory framework for cryptocurrencies. As such, it is related to being able to adjust sanctions.

Communist Party lawmakers are at the forefront of opposing Chinese crypto banks. Because these coins are threatening the dominance of the dollar.

Senator Blackburn and Senator Wyoming Cynthia Lummis, two supporters of the bill, sent a text urging Olympic officials to ban US athletes from using Chinese cryptocurrencies during the winter Olympics. Beijing.

It is stated in this writing that some foreign athletes will rely on this cryptocurrency at the event.



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