Republican Tennessee Sen. Marsha Blackburn introduced legislation Tuesday that would crack down on China’s Central Bank’s digital currency, the Digital Yuan, which could empower countries like Russia.
The Daily Caller first obtained a copy of the legislation, titled the “Say No to the Silk Road Act,” which has eight cosponsors. The legislation requires new standards and guidelines for the digital currency and demands any foreign government that receives assistance through the Foreign Military Financing Program to disclose if the government uses Digital Yuan. The Digital Yuan relies on blockchain technology and gives Beijing more power over its financial system.
The lawmakers are concerned Russia can use the Digital Yuan to bypass financial messaging systems, such as the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which could empower China to further violate the rights of their citizens. Both Republicans and Democrats have called on the Biden administration to completely ban all Russian banks from SWIFT. (RELATED: China Outlaws All Cryptocurrency Transactions, Mining Activities)
“Under Joe Biden’s failed leadership, the new Axis of Evil is thriving,” Blackburn told the Daily Caller. “If left unchecked, technologies including China’s Digital Yuan will empower Russia to evade global sanctions on systems such as SWIFT and enable the CCP to further surveil and threaten their citizens.” (RELATED: China’s Central Bank Reportedly Will Be Ready To Release Its Own Digital Currency Soon)
READ THE LEGISLATION HERE:
EXCLUSIVE: Sen. Blackburn, … by Henry Rodgers
“This legislation provides the United States with more information about the Digital Yuan to hold the new Axis of Evil to account,” Blackburn continued. (RELATED: China Handing Out Free Money To Citizens To Test Experimental Currency)
The cosponsors include Indiana Sen. Todd Young, Texas Sen. Ted Cruz, Wyoming Sen. Cynthia Lummis, Indiana Sen. Mike Braun, Florida Sen. Rick Scott, Louisiana Sen. Bill Cassidy, Mississippi Sen. Cindy Hyde-Smith and Alabama Sen. Tommy Tuberville.