Three Republican senators are proposing a law to prohibit app stores from carrying apps that accept payments using China's digital currency. The "Defending Americans from Authoritarian Digital Currencies Act" would prohibit app stores in the US from carrying or supporting any app "that supports or enables transactions in e-CNY," also known as the digital yuan or digital renminbi.
The app stores would also be prohibited from supporting or enabling digital yuan transactions. The bill defines an app store broadly as "a publicly available website, software application, or other electronic service that distributes applications from third-party developers to users of a computer, a mobile device, or any other general purpose computing device."
[...]
The digital yuan is in the early stages of rollout. Akram Keram, an expert on China at the National Endowment for Democracy, wrote last year that the digital currency would give the Chinese Communist Party "direct control over and access to the financial lives of individuals, without the need to strong-arm intermediary financial entities. In a digital-yuan-consumed society, the government easily could suspend the digital wallets of dissidents and human rights activists, for example."
[...]
The US could eventually issue a digital dollar. In March, President Joe Biden issued an executive order that said his administration "places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC [Central Bank Digital Currency]."While Americans have long used the dollar in digital form, a digital dollar would differ in fundamental ways. The Federal Reserve explains that a Central Bank Digital Currency "is generally defined as a digital liability of a central bank that is widely available to the general public." By contrast, the current types of central bank money in the US are "physical currency issued by the Federal Reserve and digital balances held by commercial banks at the Federal Reserve."
(Score: 2, Insightful) by tangomargarine on Thursday June 02 2022, @07:45AM (10 children)
Stop pretending that this is some sort of nationalism thing and just admit you hate the idea of this digital currency thing you can't control or embargo out of existence.
P.S: These names of bills are so fucking ridiculous. Defending Americans From Those Dirty Foreigners Who Are Coming To Eat Our Babies And Rape Our Women And Shit On The American Flag While Calling George Washington A Faggot, or DAFTDFWACTEOBAROWASOTAFWCGWAF for short.
"Is that really true?" "I just spent the last hour telling you to think for yourself! Didn't you hear anything I said?"
(Score: 3, Touché) by FatPhil on Thursday June 02 2022, @07:53AM (4 children)
"Three Republican senators are proposing a law to prohibit app stores from carrying apps that accept payments using [something they don't like]"
How goddamn authoritarian of them!
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 3, Insightful) by FatPhil on Thursday June 02 2022, @07:53AM (3 children)
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 0) by Anonymous Coward on Thursday June 02 2022, @12:37PM (2 children)
Zed is dead.
(Score: 2) by kazzie on Thursday June 02 2022, @06:33PM (1 child)
But Zee if free?
(Score: 2) by kazzie on Thursday June 02 2022, @06:34PM
*is
(Score: 0) by Anonymous Coward on Thursday June 02 2022, @08:01AM
My first thought is, "What's more in that act, that the title doesn't tell you?".
The second thought is, "What audience are you targetting? Sesame Street Audience?".
(Score: 1, Touché) by Anonymous Coward on Thursday June 02 2022, @09:23AM
Social Credit +10
(Score: 1, Interesting) by Anonymous Coward on Thursday June 02 2022, @12:19PM (1 child)
Just look at the bozos sponsoring it: Cotton, Braun, and Rubio. Just that tells you all you need to know. This is nothing but a posturing and fundraising bill. One of those that crowd likes these days where they don't even care or intend for it to become law. It's just something to get them on Fox News so they can tell you what great Americans they are and how they are protecting "the real Americans." (See just about ANY law pushed by Deathsantis or that idiot in the wheelchair -- no, the Texas one, not the NC one, that one sponsors zero bills).
(Score: 1, Insightful) by Anonymous Coward on Thursday June 02 2022, @02:14PM
They haven't figured out how to make money off of it.
(Score: 0) by Anonymous Coward on Friday June 03 2022, @01:04AM
Nothing spells freedom quite like banning people from doing things!! Odd you got so many downmods, probably for pointing out the lame tactics of those pols.
(Score: -1, Troll) by Goodspeak on Thursday June 02 2022, @08:50AM
Wow! Just think of the horror! Cancelled in Chinese, and not just by Visa and Paypal and Faceboot.
(Score: 5, Interesting) by RamiK on Thursday June 02 2022, @10:23AM
As opposed to the great hurdles they go through to freeze your bank accounts?
compiling...
(Score: -1, Troll) by Anonymous Coward on Thursday June 02 2022, @12:21PM
want to control the world...go figure!
oh, and btw...Good Luck Soylent banning all the TOR IPs for Anonymous posting.
The little American clicky group on here that does not want its feelers hurt.
Boo fucking Hoo...don't like whats posted? Too fucking bad!
(Score: 2) by GlennC on Thursday June 02 2022, @01:44PM
Or would they prefer punch and pie?
Sorry folks...the world is bigger and more varied than you want it to be. Deal with it.
(Score: 4, Interesting) by Freeman on Thursday June 02 2022, @02:03PM (1 child)
https://soylentnews.org/submit.pl?op=viewsub&subid=55421 [soylentnews.org]
There was a fair amount of cognitive dissonance going on in that story.
Let's ban their digital currency, it could be easily used to control the people and that's bad.
Then, there's the second part of the story, where we should look into creating our own, because double plus good.
Joshua 1:9 "Be strong and of a good courage; be not afraid, neither be thou dismayed: for the Lord thy God is with thee"
(Score: 1, Interesting) by Anonymous Coward on Thursday June 02 2022, @05:38PM
I assume it was just shortened for brevity. To me, the same message comes across whether the last three words are included or not.
(Score: -1, Troll) by Anonymous Coward on Thursday June 02 2022, @05:50PM (1 child)
If you're so concerned with financial freedom, you should be working on kicking the International Jew bankers out of the country, not trying to regulate our "app stores", which is evidently "any means of distributing software". Everything needs to move to p2p with anonymization, so that all these treasonous whores will be forced to find honest work like the rest of us.
(Score: 0) by Anonymous Coward on Thursday June 02 2022, @08:39PM
Uh oh, dipshit is back!
(Score: 1, Funny) by Anonymous Coward on Thursday June 02 2022, @10:41PM
the biggest threat to china is probably "baywatch".