Blitz Bureau
NEW DELHI: A top Republican Senator has reintroduced legislation that would ban American money services businesses from engaging in transactions involving China’s central bank digital currency.
The proposed “Chinese CBDC Prohibition Act of 2026” would prohibit money services businesses, including payment platforms such as Venmo and Zelle, currency dealers and even the US Postal Service, from using any central bank digital currency issued by the People’s Republic of China or the Chinese Communist Party, including the digital Yuan.
Introducing the legislation, Senator Rick Scott said the Chinese government was attempting to weaken American global financial leadership through digital currency systems controlled by Beijing. “The dollar is the reserve currency of the world and the CCP wants to undermine our leadership with a digital currency they can track and manipulate. This is unacceptable for America,” Scott said in a statement announcing the bill.
The bill would amend Title 31 of the United States Code to make it unlawful for any money services business to engage “directly or indirectly” in transactions involving a digital currency issued by China.
