Many in the US political and business establishment see the digital yuan as a threat to the dollar. That is why the Senate has prepared a bill designed to limit the ability of companies to use the Chinese token (CBDC).
Congressmen fear that the digital yuan will not only undermine the dominance of the US currency but will also be used by other countries to circumvent economic sanctions.
The bill was prepared at the initiative of a group of senators, which included Marsh Blackburn and Bill Cassidy.
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The document is intended to hold companies and citizens using the Chinese digital currency accountable, Cassidy emphasized.
The Department of Commerce is required to submit a report listing countries and companies that receive funding from the United States and use the digital yuan as a settlement or reserve currency.
Note that Washington also decided to accelerate the implementation of the Fed's project to create a digital version of the dollar. Supporters of the launch of the CBDC believe that with the help of such a tool it will be possible to minimize the risks posed by the digital yuan.