{"id":29029,"date":"2026-05-24T10:51:28","date_gmt":"2026-05-24T10:51:28","guid":{"rendered":"https:\/\/biblelon.com\/?p=29029"},"modified":"2026-05-24T10:51:28","modified_gmt":"2026-05-24T10:51:28","slug":"new-bill-bans-chinese-digital-currency-in-us-transactions","status":"publish","type":"post","link":"https:\/\/biblelon.com\/?p=29029","title":{"rendered":"New Bill Bans Chinese Digital Currency in US Transactions"},"content":{"rendered":"

\n Reading Time:<\/span> 2<\/span> minutes<\/span><\/span><\/p>\n

(THE DAILY SIGNAL) \u2013 Sen.\u00a0Rick Scott, R-Fla., on Thursday reintroduced legislation that would prohibit U.S.-based money services businesses from using central bank digital currencies issued by the Communist Party of China, including the digital yuan.\n<\/p>\n

Help support IFA monthly by becoming an MMP<\/span>.<\/span><\/h4>\n

\u00a0<\/p>\n

If enacted, the Chinese CBDC Prohibition Act would prohibit money services businesses from engaging in any transaction that involves a central bank digital currency issued by China.\n<\/p>\n

The bill would apply to entities such as Venmo, Zelle, currency dealers, and the U.S. Postal Service, making it unlawful for them to process such transactions.\n<\/p>\n

\u201cNo money services business may engage in any transaction, directly or indirectly, that involves a central bank digital currency issued by the People\u2019s Republic of China,\u201d the bill shared with the Daily Signal states.\n<\/p>\n

In a statement to the Daily Signal, Scott argued that allowing U.S. businesses to transact in a\u00a0Chinese\u00a0digital currency could expose Americans to surveillance risks and weaken U.S. economic competitiveness. He has long opposed the development and adoption of central bank digital currencies, particularly those linked to foreign adversaries.\n<\/p>\n

\u201cThe dollar is the reserve currency of the world and the CCP wants to undermine our leadership with a digital currency they can track and manipulate,\u201d\u00a0Scott\u00a0told the Daily Signal. \u201cThe\u00a0digital yuan\u00a0is just another tool used by the Chinese Communist Party to spy on its people and all those who use it. Americans deserve privacy when it comes to their financial transactions.\u201d\n<\/p>\n

According to the senator, China\u2019s digital currency allows its government to monitor financial activity and potentially restrict access to funds. His legislation seeks to block its use in the United States, citing concerns about privacy, national security, and economic stability.\n<\/p>\n

The bill would make transactions involving\u00a0Chinese government-issued\u00a0digital currency unlawful and, according to Scott\u2019s office, is intended to protect American consumers, businesses, and the broader economy.\n<\/p>\n

Scott previously introduced the legislation in 2023, along with Sen. Marsha Blackburn, R-Tenn., and Sen. Ted Cruz, R-Texas, upon the announcement of the Chinese digital yuan.\n<\/p>\n

\u201cThe digital yuan is just another tool used by the Chinese Communist Party to spy on its people and all those who use it. It is an obvious power grab and an attempt to increase communist-state-control over people\u2019s personal finances,\u201d Scott\u00a0said at the time. \u201cSecretary Xi [Jinping] and his thugs have no business playing big brother to American citizens and how they spend their money.\u201d\n<\/p>\n

\u201cThat is why I am fighting to prevent this problem from ever becoming someone\u2019s reality. We must stand up against the CCP\u2019s obvious spy tactics and pass the\u00a0Chinese CBDC Prohibition Act\u00a0today,\u201d Scott added.\n<\/p>\n

What do you think about this bill and how are you praying for it?<\/h4>\n

This article was originally published in The Daily Signal.<\/em>
\n \n <\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: 2 minutes (THE DAILY SIGNAL) \u2013 Sen.\u00a0Rick Scott, R-Fla., on Thursday reintroduced legislation that would prohibit U.S.-based money services businesses from using central bank digital currencies issued by the Communist Party of China, including the digital yuan. Help support IFA monthly by becoming an MMP. \u00a0 If enacted, the Chinese CBDC Prohibition Act<\/p>\n","protected":false},"author":1,"featured_media":29030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[1974,130,1290,4606,862,9600],"class_list":["post-29029","post","type-post","status-publish","format-standard","has-post-thumbnail","category-prayer","tag-bans","tag-bill","tag-chinese","tag-currency","tag-digital","tag-transactions"],"_links":{"self":[{"href":"https:\/\/biblelon.com\/index.php?rest_route=\/wp\/v2\/posts\/29029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/biblelon.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/biblelon.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/biblelon.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/biblelon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29029"}],"version-history":[{"count":0,"href":"https:\/\/biblelon.com\/index.php?rest_route=\/wp\/v2\/posts\/29029\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/biblelon.com\/index.php?rest_route=\/wp\/v2\/media\/29030"}],"wp:attachment":[{"href":"https:\/\/biblelon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/biblelon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/biblelon.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}