“Say no to the Silk Road Law” to prevent the use of the digital yuan to help Russia avoid military sanctions and increase China’s surveillance of users
U.S. Senator Cindy Hyde-Smith (R-T) along with U.S. Senator Marsha Blackburn (R-T) introduced legislation requiring new standards and guidelines for dealing with the Chinese Communist Party’s (CCP) Central Bank’s digital currency, the digital yuan.
The law will force US federal agencies to actively decide how to protect the interests of citizens. Authorities believe that the digital yuan will allow Russia to bypass specialized financial messaging systems such as SWIFT and increase China’s surveillance of users.
The introduction of a Chinese digital currency is raising all kinds of red flags given the Chinese Communist Party’s historic willingness to monitor and control everything. This law represents responsible actions that our government must take now to better understand, prepare for, and manage the risks associated with the CPC blockchain and digital currency.
Cindy Hyde-Smith
The state-owned People’s Bank of China, one of the largest central banks in the world, currently controls the digital yuan. This digital currency gives the PDA the ability to track all transactions in this currency, giving the PDA access to the financial data of any user around the world.
Source: ixbt
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