Home
News
Tensions among both countries can take another turn after the entry of this hot issue where a US bill is seeking to remove the Digital Yuan from App stores
At many instances, Chinese institutions and authorities have been under suspicion of using public information of citizens of any country that poses threats to their privacy and becomes a national concern for any country. The United States is one among such countries and perhaps the most vocal against such illicit activities. An example of such a stance of the US came when the Defending Americans from Authoritarian Digital Currencies Act was introduced that directly speaks about the fears about the apps hosted on the app stores of platforms like Google and Apple could be easily tricked and used to infiltrate privacy of US citizens.
Senators seeking the act including Tom Cotton (Arkansas), Marco Rubio (Florida), and Mike Braun (Indiana) have their opinion that this is a matter of both national and economic security. The Act is looking to reject attempts by China to weaken the US economy from its basics.
Publicly available information regarding the Chinese CBDC states that the digital Yuan, e-CNY is created while having sole aim to replace the use of physical currency and it would be under the control of the Central Bank of China. The currency also got international coverage after its appearance at this year’s Beijing Olympic Winter Games.
Republican Senator from Indiana, Braun said that the digital Yuan of the Chinese Communist Party allows their direct control and gives them access to the financial lives of every individual holding the currency. He said that they cannot allow such an authoritarian system to use their digital currency that is under state control as an instrument to enter the US economy and that could absorb the private information of Citizens in America.
As per the office of Arkansas Senator Tom Cotton, the digital Yuan has the potential to provide real-time visibility to China over all the transactions that are made on the network that poses threats to privacy and security for American citizens who would join the network.
Florida Senator Rubio also explained that the digital yuan is a major risk on financial and surveillance that is not affordable for the United States and its citizens.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
