On March 9th, 2022, U.S. Senators Bill Cassidy, M.D. (R-LA) and Marsha Blackburn (R-TN) introduced regulations for the Say No To Silk Road Act.
The Senators are anticipating the possibility that Russia will use the Chinese Communist Party’s (CCP) Digital Yuan in order to bypass payment systems like SWIFT. With this alternative system, China will then be able to collect personal data on their citizens and any foreigner also using the system.
In a statement from Senator Cassidy, he explains the importance of keeping China accountable for invading the privacy of Digital Yuan users. In the event of a security breach or if the CCP leverages personal details from users in a negative way, the bill will be the first step in preventing such an outcome.
Senator Blackburn also states the adverse effects of allowing China’s Digital Yuan to be left unchecked. “China’s Digital Yuan will empower Russia to evade global sanctions on systems such as SWIFT and enable the CCP to further surveil and threaten their citizens. This legislation provides the United States with more information about the Digital Yuan to hold the new Axis of Evil to account,” she says.
Regulations in the Say No To Silk Road Act include: