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 <p class="is-style-lead">Senator Rick Scott introduced a prohibition act seeking to bar U.S. financial service operators from interacting with China’s central bank <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> currency (CBDC).</p>
 <p>The so-called Chinese CBDC Prohibition Act would ban U.S. post offices, remittance firms, peer-to-peer crowdfunding platforming and all money services businesses from facilitating any transaction that involves China’s <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> yuan.</p>
 <p>Senators Marsha Blackburn of Tennessee and Ted Cruz of Texas backed the act with their support, stressing that this legislation was crucial to keeping American financial data safe.</p>
 <blockquote class="wp-block-quote">
  <p>We should do everything in our power to ensure Americans are protected financially. This legislation is common sense: U.S. financial services should not engage in any transaction that involves the CCP’s Digital Yuan.</p> <cite><strong>Senator Marsha Blackburn</strong></cite>
 </blockquote>
 <p>Rep. Blaine Luetkemeyer from Missouri also proposed Senator Scott’s bill to the House of Representatives.</p>
 <p>The bills were fielded amid increased chatter concerning cryptocurrencies and efforts in the U.S. toward issuing regulatory frameworks for the budding <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> asset industry.&nbsp;</p>
 <p>While there are several proposed crypto laws on legislative floors like Senator Ted Budd’s “Keep Your Coins” Act, Galaxy Digital CEO Mike Novogratz expects a delay on any decisive vote until after the 2024 U.S. elections.</p>
 <div class="cn-block-related-link">
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> U.S. House committee pushes anti-CBDC bill
 </div>
 <p>Launched in January 2022, China’s <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> yuan, or e-CNY, was one of the world’s first CBDC built on blockchain technology. The government-issued crypto token hit $250 billion in transactions within 18 months of its pilot and has been deployed as a payment corridor for public workers in East China provinces.&nbsp;</p>
 <p>Beijing’s CBDC was also commercialized by WeChat operator Tencent for a credit facility <a rel="noopener noreferrer nofollow" title="targeting" href="https://thebittimes.com/tag/targeting.html">targeting</a> SMEs. China’s blanket ban on Bitcoin was in place at press time although the country has also indicated regulatory interest in web3 sectors such as the metaverse.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> China FX regulator supports CBDC amid monetary policy
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/u-s-policymakers-introduce-bill-targeting-china-s-digital-yuan-tbt69757.html">https://thebittimes.com/u-s-policymakers-introduce-bill-targeting-china-s-digital-yuan-tbt69757.html</a></p>

U.S. policymakers introduce bill targeting China’s digital yuan

TheBitTimes

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