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A New Senate Bill Raises Concerns About China’s Digital Yuan

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Digital yuan domestic futures market

China’s new central bank digital money is the target of a new measure in the US Senate (CBDC). Senators Bill Cassidy (R-LA) and Marsha Blackburn (R-TN) presented the “Say No to the Silk Road Act” on March 9, with seven additional Republican senators joining them as co-sponsors. In a statement, Cassidy stated, “This law keeps China accountable as they implement their new digital currency.” The bill expressly requests that the Secretary of Commerce provide a series of studies on China’s usage of the digital yuan, with a focus on the country’s network expansion into the United States. The use of the digital yuan on US government hardware is strictly limited, and nations receiving foreign military support from the US must reveal their usage of the digital yuan. Many US government officials, notably Republicans, see the digital yuan as a weapon of Chinese monitoring that might potentially create economic reliance in nations that accept it. Furthermore, they view it as a means of undermining the US dollar’s worldwide supremacy. The big launch of the digital yuan for a foreign audience took place at the Winter Olympics last month, prompting numerous members of Congress to speak out against American athletes utilizing the CBDC.

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