Banning US Financial Businesses from Using China's Central Bank Digital Currency.
This law prohibits US money services businesses, such as money transmitters and currency exchangers, from engaging in any transactions involving the digital currency issued by the People’s Republic of China. The measure is intended to safeguard the US financial system and citizens from potential surveillance and control capabilities associated with the Chinese digital currency. Consequently, US citizens cannot use regulated domestic platforms to handle the Chinese CBDC.
Key points
US financial service providers are banned from processing or exchanging the Chinese Central Bank Digital Currency (CBDC).
The prohibition aims to prevent the use of the Chinese digital currency for mass user surveillance and evasion of international sanctions.
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