US e-yuan ban could ignite financial war with China
US e-yuan ban could ignite financial war with China

US e-yuan ban could ignite financial war with China

China is stepping up efforts to promote its digital currency – known alternately as e-yuan, e-CNY and e-RMB – and is preparing to fight a financial war, while US politicians are looking for ways to ban and sanction the official cryptocurrency, according to Chinese media reports.

U.S. Senators Tom Cotton, Mike Braun and Marco Rubio jointly proposed on May 26 banning online platforms in the U.S. from hosting apps that enable transactions using the e-yuan. They said the digital yuan would be a tool for China to infiltrate the U.S. economy and gain access to U.S. citizens’ private information.

Chinese media recognized that any such legislation would be a major obstacle to the promotion and development of the digital currency, as the Google Play Store and Apple Store, the world’s two largest app platforms, would be forced to remove all apps that enable e-yuan -use.

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