Senator Reintroduces Legislation to Ban Chinese Digital Yuan in US Transactions

‘The dollar is the reserve currency of the world and the CCP wants to undermine our leadership with a digital currency,’ Sen. Rick Scott said.

Sen. Rick Scott (R-Fla.) speaks during a press conference in the U.S. Capitol in Washington on July 11, 2023. Madalina Vasiliu/The Epoch Times

Sen. Rick Scott (R-Fla.) has reintroduced legislation to prevent the use of China’s central bank digital currency (CBDC) in the U.S. market.

The legislation, called the Chinese CBDC Prohibition Act, would impose a ban on the Chinese digital currency, variously known as the digital yuan, digital renminbi, e-CNY, or e-yuan. The Chinese digital currency is issued and regulated by China’s central bank, the People’s Bank of China (PBOC).