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US considers banning Chinese digital currency payment apps

Republican lawmakers are proposing a bill that would require app stores in the United States, including those of Apple and Google, to ban apps that allow payments in electronic yuan (e-CNY) developed by China. onion.

The bill was announced on May 26 by MPs Tom Cotton, Marco Rubio and Mike Braun. Accordingly, companies that own or operate the application store “will not contain or support any application that enables e-CNY transactions in the US territory”.

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According to Congressman Cotton’s office, the digital yuan has the potential to allow the Chinese government to “monitor every transaction on the network in real-time, thereby creating a security and privacy risk for the Chinese government.” US citizens join this payment network”.

In a January 2021 study, the Center for New American Security Research, a Washington DC-based research agency, said that transactions using e-CNY and payment systems may “contain accurate data about users and their financial activity”.

The move comes after WeChat, the messaging and payment app owned by Tencent with more than 1.2 billion users, announced to start supporting electronic yuan from the beginning of this year. Alipay, the popular payment app owned by Jack Ma’s Ant group, has also enabled payments in China’s central bank digital currency. Both of these apps are available on Apple and Google App Store.

Apple, Alphabet Google, Ant Group, Tencent and the Chinese Embassy in Washington were not immediately available for comment.

Vinh Ngo (According to Reuters)

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