US Senator Blocks China's Digital Currency, UK Sanctions Russian Crypto Networks

US Senator Rick Scott has introduced a new bill aimed at blocking China's digital currency from entering the US financial tech landscape. The Chinese CBDC Prohibition Act of 2026 seeks to prohibit domestic money services businesses from handling transactions involving China's central bank digital currency (CBDC).

The bill would cast a wide net across daily financial tools used by millions of Americans, including platforms like Venmo and Zelle, traditional currency dealers, and the US Postal Service. Proponents argue that allowing American entrepreneurs and companies to conduct business via China's digital currency exposes them to malicious surveillance and could weaken the US dollar on the global stage.

The UK has also taken action against Russian crypto networks and entities involved in evading Western restrictions. The British government has sanctioned 18 companies, exchanges, and individuals linked to Russia's A7 crypto network, which helps fund Moscow's war machine in Ukraine.