Republican lawmakers introduce bill targeting China's CBDC on sanctions, privacy
Nine Republican senators have backed legislation aimed at directing policy at U.S. government agencies around concerns China’s digital yuan may be used to circumvent sanctions and compromise users' personal information.
In a Wednesday announcement, Louisiana Senator Bill Cassidy and Tennessee Senator Marsha Blackburn, backed by seven other Republican senators, proposed the ‘Say No To the Silk Road Act’ — a bill that would require certain government agencies to report on China’s central bank digital currency, or CBDC. The two senators said they had concerns over digital surveillance and privacy in China’s rolling out its CBDC, both for its citizens and foreign users.
Should the bill pass, the U.S. Secretary of Commerce and Trade Representative would report on the effects of the digital yuan on trade as well as trade enforcement actions, while the Department of State would issue a warning on the CBDC. The bill also included requirements for the Office of Management and Budget to develop guidelines for agencies using the digital yuan, and having foreign governments receiving financial assistance for their military to disclose if they were using the CBDC.
“If left unchecked, technologies including China’s Digital Yuan will empower Russia to evade global sanctions on systems such as SWIFT and enable the CCP to further surveil and threaten their citizens,” said Blackburn.
China’s digital currency raises red flags considering the historic willingness of the CCP to control everything. @MarshaBlackburn Say No to the Silk Road Act lays out actions take to better prepare & manage risks associated w/ the CCP blockchain & digital yuan.
With Russia currently facing sanctions from the U.S. and EU threatening its economy, some reports have
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