US Politicians Call for Limiting China’s CBDC Use in US App Stores
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Answer US Politicians Call for Limiting China’s CBDC Use in US App Stores
The following Republican senators introduced:
Mike Brown, Tom Cotton and Marco Rubio.
A bill focused on the Chinese digital yuan.
US lawmakers have demonstrated their intent against the Chinese financial product, and believe it should be banned on US soil.
Chinese CBDC should stay away from the US!
The digital yuan, e-CNY, a centralized digital currency issued by the People’s Republic of China, has created a buzz between the world’s two leading economies.
Last summer, US politicians advised US athletes not to use the product during the 2022 Beijing Winter Olympics, citing espionage concerns.
Soon, the Chinese Foreign Ministry responded, urging Americans to stop making trouble regarding the digital yuan.Read:Charles Hoskinson: Cardano will outperform Ethereum 2.0 in DeFi
While recently, the aforementioned three Republicans confirmed the prevailing negative stance of the United States on the Chinese financial product.
They introduced a bill aimed at restricting the use of Chinese CBDCs in US app stores.
The senators clarified that the term “app store” describes a publicly available website, software application, or other electronic service that distributes applications from third-party developers to users of a computer, mobile device, or other general-purpose computer.
What is stated in the bill:
We cannot give China this opportunity. The United States must reject China’s attempt to undermine our economy at its most basic level.
It makes no sense to tie ourselves to the digital currency of a genocidal regime that hates us and wants to replace us on the world stage.
This is a major financial and regulatory risk that the United States cannot afford.
US dollar challenge
Earlier this year, Richard Touraine, a fintech consultant at CNBC, told CNBC that the digital yuan could undermine the dollar’s dominance in the next 10 years.
Specifically, he believes that the Chinese electronic yuan may replace its rival as the currency of choice in international trade settlements.Read:A man sues Ripple for not being able to become a millionaire yet!
In his view, the United States should catch up with China by launching experiments on a potential digital dollar.
Otherwise, many countries will become less dependent on the dollar in the coming years, he added:
What you will see in the future is a rollback, a risk management exercise that seeks slowly and perhaps slightly to reduce dependence on the dollar, from 100% to 80%.
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