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US Bill Would Bar Google, Apple From Hosting Apps That Accept China's Digital Yuan (reuters.com) 52

Posted by msmash from the closer-look dept.
Republican Senators want to bar U.S. app stores including Apple and Google from hosting apps that allow payments to be made with China's digital currency, according to a copy of proposed legislation seen by Reuters, amid fears the payment system could allow Beijing to spy on Americans. From a report: The bill to be unveiled on Thursday by Senators Tom Cotton, Marco Rubio and Mike Braun states that companies that own or control app stores "shall not carry or support any app in [their] app store(s) within the United States that supports or enables transactions in e-CNY." According to Cotton's office, digital yuan could provide the Chinese government with "real-time visibility into all transactions on the network, posing privacy and security concerns for American persons who join this network."
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US Bill Would Bar Google, Apple From Hosting Apps That Accept China's Digital Yuan More

US Bill Would Bar Google, Apple From Hosting Apps That Accept China's Digital Yuan

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  • This is counterproductive.

    Economic co-operation will lead to more inter-cultural understanding.

    If your policy is to create a paranoid, barricaded economic fortress, don't be surprised if your fortress gets besieged some day.
    • There's no hope. The US can't compete with China's mixed(planned + capitalists) economy without a major, direct, conflict. Lacking an overarching ideology, of making the rich relatively richer than the overall population, puts the "rules base" capitalist economy at a severe disadvantage. They can't risk a major direct conflict with China without nuclear war. So, for US leadership it's nuclear war or finding a way to kick the can for a few more years.

      • Of course we can (Score:3, Interesting)

        by rsilvergun ( 571051 )
        You massively underestimate our manufacturing capabilities. Everyone does because we maintain a heavy trade imbalance and no one in this country understands why. It's how we do imperialism. China is currently wrecking its country in order to provide us with goods and services. We're paying a fraction of the value of those goods and services. Understand that when China ships us billions of dollars goods and we give them debt in return we get those goods and they get a bunch of debt that we can easily shuffle

        • Having the manufacturing capacity for F-35s doesn't help you produce toilets. Being able to make tanks doesn't get you furniture. Just in general, unless you propose either conquest or blackmail, having a powerful military doesn't actually do you a lot of good. Spending the money does, however, provide all sorts of routes for pork and general corruption.

          Anyway, the actual capability" of that massive US military is questionable. Sure, the US did a bang-up job crashing Libya into chaos. That wasn't really d

        • The US may have excess production capacity, but as you stated, it's directed towards military production. If wages rise globally or if there's a strong disruption in productive capacity from Asia to the US inflation will crush the American economy. So, if America wants to avoid inflation, their only hope is a major war, because, otherwise, prices will continue to go up 10% or more per year. Why? Because for 40 years we imported cheap labor and gave our domestic workers the shaft, while destroying our domest

    • Economic co-operation will lead to more inter-cultural understanding.

      Yeah, that's what the last several decades of trade with China were supposed to accomplish. They have not. All that has been accomplished is China has been funded and emboldened, the planet has been polluted a lot more than it otherwise would have been, and the quality of products has gone in the fucking toilet because China is always happy to make things shittier, and American CEOs are always happy to blame China.

      • Re: (Score:1, Insightful)

        by Anonymous Coward

        Actually it has been incredibly successful on the cultural front. The Chinese people know more about the West than they have ever before, although I don't think it can be said similarly about the West and China, at least to the same degree. E.g. almost everyone in China tries to learn English, but a very small percentage of people in the West learn Chinese. It has also allowed for greater efficiency.

        The US however feels threatened that it won't be able to keep its number one status, and would have to beg

        • Re: (Score:2, Troll)

          by drinkypoo ( 153816 )

          Actually it has been incredibly successful on the cultural front. The Chinese people know more about the West than they have ever before

          The Chinese
          don't even know about the fucking Chinese [vox.com], you think they know facts about the west?

          almost everyone in China tries to learn English, but a very small percentage of people in the West learn Chinese

          That is partly because Chinese is one of the few languages even harder to learn than English, and partly because it is fairly worthless unless you want to have some consumer goods knocked out cheaply, and then knocked off even more cheaply and you're fucked.

      • Re: (Score:1)

        by mm4902 ( 3612009 )
        No progress? China has gone from a brutal dictatorship to an authoritarian oligarchy, I would call that progress. Could we have spent less in terms of American jobs and wealth? Yes but you can't be perfect when you represent 300+ million people and money is "Free Speech".
    • 50 years of trying... didnt work.

    • Re:Isolationism just causes more conflict (Score:5, Insightful)

      by skam240 ( 789197 ) on Thursday May 26, 2022 @05:45PM (#62569026)

      To be fair the German's thought that would be the case with Russia and now they're stuck trying resolve major energy sourcing problems.

      • To be fair the German's thought that would be the case with Russia and now they're stuck trying resolve major energy sourcing problems.

        Not true, the Germans never thought that, it's just a fig leaf they used to silence critics of their trade with Russia. They never made any deals like "okay, we'll allow you to lay down this gas pipeline, but in return you're letting this list of guys out of gulag". The German thought was always "Deutschland (and its economic interests) uber alles". Resulting in lots of lucrative trade deals, and no hard demands of democratization in return, other than "through magical fairy dust of friendship Putin will de

        • Re: (Score:2)

          by skam240 ( 789197 )

          Your post is irrelevant.

          In my own post all I was doing was refuting the post above mine claiming that economic interconnectivity prevents warfare. It can certainly help but clearly Germany's extensive economic connections with Russia did nothing to prevent the current war in Ukraine.

    • This is imperialism. Google the phrase Petro dollar. China is trying to do the same thing we did with a form of economic imperialism.

      It would be nice if human civilization would stop fighting amongst itself to see who can give the most money to the fewest people and if we would do away with great man theory and stop with the hero worship already but that's probably not going to happen.

      And until it does if you're an American or frankly even a European you probably don't want to see China take over th

      • I think with the United States in charge of the global economy is a snowballs chance in hell of achieving the kind of Star Trek Utopia that so many people on this forum dream of.

        I think the only people who truly believe that is possible are the "Yang gang" folks. The reality would likely be more like the Star Trek economy as depicted in DS9. Where you have Ferrengi creating artificial scarcity and selling replicated goods for nearly 100% profit. Hell, that's basically cryptocurrency in a nutshell.

    • That's what Germany said about Russia. How'd that work out?

    • Its a particularly bad timing with the shit going on with Russia.

      Xi Xinping is an unpleasant man and his administration has been absolutely shitful for human rights, but it was Nixon (not FDR, Nixon) who realised that the best way to win the Cold War was to keep China on side, because a Russia/China axis is dangerous. And for all of Xinping's faults, Mao was much much worse.

      And more to the point, unlike Maos struggling economy, China is astonishingly self reliant, they dont actually *need* us.

      Smashing their

      • Re: (Score:3)

        by caseih ( 160668 )

        I'm not sure about that. China needs us to buy their goods almost as much as we apparently need China to sell them to us.
        However there's very little we have in the west, other than money, that China (the government and the economy) actually wants, and they do want it.

    • Re: (Score:1)

      by Anonymous Coward

      I agree it's probably counter-productive.

      The US could instead provide a "e-CNY clearing house". That is, a human buys something for 10 e-CNY, but the Apples, Googles and whatnot don't actually take the money. They tell the clearing house to do it - who then take 10 e-CNY from whatever chinese person paid - the chinese bank on the other end only sees the clearing house. The clearing house then pays Apple or Google the dollar equivalent of 10 e-CNY.

      Apple and Google et al get their money, get to know who it wa

  • Apple and Google only allow purchases through their App Stores and therefore only in your local currency (you may be able to use the local currency of another country but no digital Yuan). Problem solved.

  • That's quite a lineup (Score:3)

    by gtall ( 79522 ) on Friday May 27, 2022 @04:40AM (#62569854)

    With a brain-trust like Senators Tom Cotton, Marco Rubio and Mike Braun, this must be some gonzowhopper of a bill.

    • I count at least 2 brain cells in that collection. Shouldn't be enough for a standard quality bill.

    • Re: (Score:1)

      by mm4902 ( 3612009 )
      Right? The transaction thing made no sense, how does being a Google Play publisher give you complete access to all the information for all the other publishers? I'm sure Cottonmouth could construct a scenario but it's like Alex Jones telling us that fluoride in the water is controlling our minds.
  • You know what's really preposterous about the US? You guys keep acting like the planet is yours, your economic interests are paramount and everyone else must be subservient to them, or else... We're living in the surface of a sphere floating in space, with a finite area, finite resources, a growing population. There will be a point where there won't be enough resources to sustain the entire population and the ecosystem that sustains us all will be under stress and under threat of collapse. It's a matter of

    • Re: (Score:1)

      by mm4902 ( 3612009 )
      You don't get it. They have slanty eyes and I don't know what they are saying, therefore they are evil. ;)
  • ...with its digitisation of personal finance. I looked into working over there a couple of years ago & spoke to a number of Chinese people about daily life there. Apparently, email isn't commonly used & personal messaging apps, social media & digital payment platforms are pretty much the norm in the cities - people pay for stuff with their phones more often than not, even in street markets. A proper digital currency makes a lot of sense in China & it'd probably get fast adoption both nation
    • Just to be explicit: Would a Chinese digital currency be a threat to the USA's currency hegemony as more & more payments adopt the convenience & possible cost reductions in exchanging money & goods that digital currencies apparently offer?
      • I immediately considered whether this was a ploy to attempt to restrict competition with the US dollar. One could only imagine the consequences of that. Of course the folks involved here don't strike me as deep thinkers.
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  • That's absolutely ridiculous. These US senators should get their heads out of each others butts and understand the world isn't US only. What's next, bar any apps that accepts euro's?

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