March 9, 2022

Cassidy, Blackburn Introduce Bill to Crack Down on China’s Digital Currency

WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Marsha Blackburn (R-TN) today introduced the Say No To the SilkRoad Act, which would set new regulations and guidelines on the Chinese Communist Party’s (CCP) Digital Yuan. In January of 2022, the Chinese Central Bank introduced the digital currency which could allow countries such as Russia to bypass global financial systems like SWIFT and empower the CCP to collect personal data on users.

“China’s Digital Yuan allows the CCP to collect personal data on their own citizens and foreign users alike,” said Dr. Cassidy. “This bill holds China accountable as they introduce their new digital currency.”

“Under Joe Biden’s failed leadership, the new Axis of Evil is thriving,” said Senator Blackburn. “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. This legislation provides the United States with more information about the Digital Yuan to hold the new Axis of Evil to account.”   

Cassidy and Blackburn are joined by Senators Todd Young (R-IN), Ted Cruz (R-TX), Cynthia Lummis (R-WY), Mike Braun (R-IN), Rick Scott (R-FL), Cindy Hyde-Smith (R-MS), and Tommy Tuberville (R-AL).

The Say No To the Silk Road Act would:

  • Require the Department of State to issue a warning on the Digital Yuan. 
  • Require the Secretary of Commerce to report to relevant Congressional committees on the Blockchain-Base Service Network and provide recommendations related to the report.
  • Require the Secretary of Commerce to report on trade enforcement actions with respect to the digital yuan.
  • Require United States Trade Representative to report on the effect of the digital yuan on trade and investment agreements.
  • Require Office of Management and Budget to develop standards and guidelines for agencies that transfer, store, or use digital yuan.
  • Require that any foreign government that receives assistance through the Foreign Military Financing Program to disclose if the government uses digital yuan as a settlement or reserve currency.