Florida Politics

Scott Moves to Prohibit Digital Transactions From The Chinese Central Bank

Share

Washington, D.C.- Senator Rick Scott (R-Fl) filed legislation today to prevent transactions with Chinese digital currencies from occurring on American soil or with American companies. 

Senator Scott’s Chinese CBDC Prohibition Act would prohibit money services businesses (MSBs) from engaging in transactions involving any digital currencies issued by the People’s Republic of China (PRC). 

MSBs are entities that transmit or convert money in transactions such as money orders, currency exchanges, or check cashing. 

American MSBs do not currently offer services for digital Chinese currencies, but Scott’s bill would prevent them from doing so in the future. 

Earlier last summer, China unveiled the ‘Yuan’, a new digital currency to facilitate domestic and international financial digital transactions. 

Scott is worried about the potential weaponization of the Yuan to undermine American economic interests. 

“Xi and his thugs have no business playing big brother to American citizens and how they spend their money,” stated Scott via X. 

 

“The 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’s personal finances,” continued Scott through a press release. 

Legislative attempts to counter China have risen exponentially. As of last April, Congress has reportedly filed over 250 bills on China in 2023 alone, a number that has only increased since then. 

Last month, Senators Scott and Ted Cruz (R-TX) filed a bill to prevent the US from authorizing any International Monetary Fund (IMF) aid disbursement to China and other countries hostile to America.

At the state level, just earlier this week, Florida’s state government filed a resolution officially requesting the US State Department denounce China’s military activity in Cuba. 

Mateo Guillamont

Mateo is a Miami-based political reporter covering national and local politics

Recent Posts

Randy Fine to run for Congress, Receives Trump Endorsement

Senator-Randy 'Hebrew Hammer' Fine’s run for Congress in Florida’s 6th District appears imminent. "President Trump has made…

15 hours ago

Miami-Dade County Mayor Daniella Levine Cava mourns loss of two PBSO deputies, another injured in traffic crash

MIAMI - Miami-Dade County Mayor Daniella Levine Cava offered her condolences on Thursday after two…

2 days ago

Bipartisan Bilirakis Congenital Heart Disease Research Bill Becomes Law

A bipartisan bill introduced by Representative Gus Bilirakis (R-FL) to reauthorize research into congenital heart…

2 days ago

Senate Rejects Blocking Arms Sales to Israel Despite Over One Third of Democrat Support

The US Senate has rejected a resolution led by Senator Bernie Sanders (D-VT) to block…

2 days ago

FL Surgeon General Ladapo Issues Warning Over Fluoride in Public Water

Florida Surgeon General Dr. Joseph Ladapo has officially issued guidance recommending against fluoride statewide, citing…

2 days ago

‘Madness’: Scott Blasts DHS for Border App

Senator Rick Scott (R-FL) criticized President Joe Biden (D) and Vice President Kamala Harris (D)…

2 days ago