Nine Republican senators have backed legislation aimed at directing the policy of U.S. government agencies around concerns that China’s digital yuan may be used to circumvent sanctions and compromise users' personal information.
In a Wednesday announcement, Louisiana Senator Bill Cassidy and Tennessee Senator Marsha Blackburn, backed by seven other Republican senators, proposed the Say No To the Silk Road Act — a bill that would require certain government agencies to report on China’s central bank digital currency, or CBDC. The two senators said they had concerns over the digital surveillance and privacy of citizens and foreign users due to China’s rollout of its CBDC.