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The bill released Thursday states that proposed legislation by Republican U.S. Senators Tom Cotton, Marco Rubio and Mike Braun wants U.S. companies that own or control app stores, including Apple and Google, to not carry or support any applications that support or enable electronic yuan transactions in their app stores within the United States.

The Center for a New American Security, a Washington, D.C.-based think tank, said in a January 2021 report that the Chinese Communist Party’s (CCP) digital currency and electronic payment system “is likely to become a powerful tool for the CCP to monitor the economy and government intervention in the lives of Chinese citizens,” noting that “transactions will contain precise data about users and their financial activities.”

The announcement comes after WeChat, a messaging and payments app owned by Chinese communist state Tencent with more than 1.2 billion users, began supporting the digital yuan earlier this year. Alipay, a payment app owned by Jack Ma’s Ant Financial Services Group, also accepts the digital currency. Both apps can be found in Apple and Google’s app stores.

According to Cotton’s office, the digital renminbi could provide the Chinese Communist government with “real-time visibility into all transactions on the network, creating privacy and security concerns for Americans who join this network.”

The United States is aware of the evils of the CCP, and blocking potential national security threats associated with the CCP is a rare bipartisan agreement in the U.S. Congress.

Source:https://www.csis.org/analysis/sanctions-swift-and-chinas-cross-border-interbank-payments-system

Edited by:Rebecca (一切心皆不可得!)
Posted by:Hong