China is cranking up efforts to promote its digital currency – known alternately as the e-yuan, e-CNY and e-RMB – and preparing to fight a financial war as US politicians seek ways to ban and sanction the official cryptocurrency, according to Chinese media reports.
US Senators Tom Cotton, Mike Braun and Marco Rubio jointly proposed on May 26 to ban online platforms in the US from hosting apps that enable transactions using the e-yuan. They said the digital yuan would be a tool for China to infiltrate the US economy and access the private information of American citizens.
Chinese media acknowledged that any such legislation would be a big obstacle for 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 take down any apps enabling e-yuan use.