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- An Omnibus Bill passed the House of Representatives and is directed towards the Senate.
- The Bill consists of provisions on China’s Central Bank Digital Currency and requirements regarding ransomware reporting.
- Ransomware reporting became a topic of focus after it impaired the JBS meatpacking and Colonial Pipeline.
An appropriations bill for 2022 that was overdue has finally passed in the House of Representatives and is all set for the Senate.
This Omnibus Bill consists of 2,471 pages of legislation that comprises varied provisions on China’s Central Bank Digital Currency (CBDC) and various new requirements for ransomware reporting.
Additionally, one of the sections demands for the President to bring out a report addressing the Chinese digital Yuan, specifically the short-term, medium-term, and long-term risks that it involves. This report would emphasize illegal financing, transactional surveillance, and economic coercion from China.
This Ominus Bill further comprises mandatory reporting on ransomware payments done by critical infrastructure to the Cyber Security and Infrastructure security agency in less than 24 hours of making such payments.
This need and requirements for ransomware attack reporting emerged as a critical part of the policymaking discussions last year following the impairing of Colonial Pipeline and JBS meatpacking by ransomware attacks.
Further, these ransomware reporting topics also have a position in Joe Biden’s Executive order on crypto. Ransomware was also a part of President Biden’s foreign policy.
Recently, several US Senators also introduced a bill on similar reporting that aimed at China’s new CBDC. The Bill particularly called for the Secretary of Commerce to produce a series of reports on China’s utilization of Digital Yuan and the expansion of its network in the United States.
China is explicitly promoting its Digital Yuan all over the world, but there are concerns raised regarding its reliability. For instance, during the Winter Olympics 2022, many Congressmen issued a warning against the use of Digital Yuan during the games. They raised concerns that Chinese authorities may use events to promote its CBDC, Digital Yuan. Amidst all the concerns and skepticism hovering over the Yuan, it managed to surge massively last year.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
