Banning US Financial Businesses from Using China's Digital Currency.
This act aims to protect the US financial system and citizen privacy by prohibiting money services businesses from engaging in any transactions involving the digital currency issued by the People's Republic of China's central bank. The goal is to prevent China from using its digital currency as a tool for mass surveillance and financial control. US citizens will not be able to use US financial service providers for transactions involving this specific currency.
Key points
US money services businesses are banned from processing transactions involving the Chinese central bank digital currency (CBDC).
The law seeks to block a potential foreign surveillance tool that could track user payments in real-time and bolster China's social credit program.
The prohibition is added as a new section (5337) to Title 31 of the United States Code.
Status:
Expired
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