Senator Reintroduces Legislation to Ban Chinese Digital Yuan in US Transactions

Sen. Rick Scott (R-Fla.) has reintroduced legislation to prevent the use of China’s central bank digital currency (CBDC) in the U.S. market. The legislation, called the Chinese CBDC Prohibition Act, would impose a ban on the Chinese digital currency, variously known as the digital yuan, digital renminbi, e-CNY, or e-yuan. The Chinese digital currency is issued and regulated by China’s central bank, the People’s Bank of China (PBOC). “The dollar is the reserve currency of the world and the CCP wants to undermine our leadership with a digital currency they can track and manipulate. This is unacceptable for America,” Scott said in a statement on May 22, using the acronym of the Chinese Communist Party....