Bill Overview
Title: Defending Americans from Authoritarian Digital Currencies Act
Description: This bill prohibits app stores in the United States from carrying or supporting any app that allows transactions using the Chinese government's Digital Currency Electronic Payment system (e-CNY). App stores also may not support or enable transactions in e-CNY in their app stores.
Sponsors: Sen. Cotton, Tom [R-AR]
Target Audience
Population: People using apps for e-CNY transactions
Estimated Size: 200000
- The bill specifically targets apps enabling transactions using China's Digital Currency Electronic Payment system (e-CNY).
- The primary effect will be on American consumers who might use app-based services for transactions involving this currency.
- US app developers and operators, especially those with international operations, could be impacted as they might need to modify their apps to comply.
- The global population engaged in transactions with Chinese businesses through apps may experience changes or restrictions if they are using US app platforms.
Reasoning
- The policy targets e-CNY usage in the US, primarily affecting those engaged in digital transactions involving this currency—likely a small, niche group given current US market conditions.
- Given the budgetary limits, the policy implementation must focus on monitoring app stores and potentially modifying compliance mechanisms in popular apps, rather than broader public outreach.
- Since e-CNY usage is currently niche in the US, noticeable impacts will likely concentrate on specific industries or user groups with international transactions, rather than the general population.
- Most Americans might not see any difference in their daily digital transactions. The policy's indirect effects might include increased awareness or cautiousness around foreign digital currencies.
Simulated Interviews
Software Engineer (San Francisco, CA)
Age: 28 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 1.0 years
Commonness: 15/20
Statement of Opinion:
- I'm aware of digital currencies but haven't used e-CNY specifically.
- Our company will need to ensure our apps comply with this new policy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Financial Analyst (New York, NY)
Age: 35 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 18/20
Statement of Opinion:
- I follow digital currency trends, but e-CNY isn't part of my current portfolio.
- This policy makes me consider the geopolitical aspects of digital finance.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Journalist (Los Angeles, CA)
Age: 40 | Gender: female
Wellbeing Before Policy: 9
Duration of Impact: 1.0 years
Commonness: 16/20
Statement of Opinion:
- This policy could set precedents for other digital financial restrictions.
- It's an interesting development in the intersection of tech and politics.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 9 | 9 |
| Year 20 | 9 | 9 |
Small Business Owner (Chicago, IL)
Age: 50 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 2.0 years
Commonness: 17/20
Statement of Opinion:
- Most of our transactions are still done using traditional currencies.
- We need to stay informed about these changes though I don't expect immediate impact.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
App Developer (Austin, TX)
Age: 30 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 14/20
Statement of Opinion:
- The policy means extra work to ensure our apps don't support e-CNY.
- It's more effort in terms of compliance than a direct impact on app utility.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Retired (Miami, FL)
Age: 65 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 20/20
Statement of Opinion:
- This policy doesn't affect me day-to-day, but I see its broader financial implications.
- It's a timely reminder of how digital economies are evolving.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
College Student (Seattle, WA)
Age: 22 | Gender: female
Wellbeing Before Policy: 9
Duration of Impact: 0.0 years
Commonness: 19/20
Statement of Opinion:
- I'm more interested in decentralized cryptocurrencies.
- e-CNY isn't widely used in my networks or in trading platforms I use.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 9 | 9 |
| Year 20 | 9 | 9 |
International Trade Consultant (Portland, OR)
Age: 45 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 12/20
Statement of Opinion:
- This policy might signal future restrictions on international digital currencies.
- Consulting firms will need to pivot with regulatory adjustments.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Blockchain Developer (Denver, CO)
Age: 31 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 2.0 years
Commonness: 13/20
Statement of Opinion:
- It's interesting to see how policies shape the tech ecosystem.
- This regulation adds a layer of complexity to app development.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Supply Chain Manager (Houston, TX)
Age: 60 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 3.0 years
Commonness: 11/20
Statement of Opinion:
- While we use various digital platforms, e-CNY is not part of our systems yet.
- The policy might be more significant for our partners in Asia.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 9 | 8 |
Cost Estimates
Year 1: $5000000 (Low: $3000000, High: $7000000)
Year 2: $3000000 (Low: $2000000, High: $5000000)
Year 3: $3000000 (Low: $2000000, High: $5000000)
Year 5: $3000000 (Low: $2000000, High: $5000000)
Year 10: $3000000 (Low: $2000000, High: $5000000)
Year 100: $3000000 (Low: $2000000, High: $5000000)
Key Considerations
- Potential conflicts with international trade agreements, especially with China, which may view this policy as protectionist.
- Cybersecurity implications from monitoring app stores could affect privacy and access standards.
- The rapidly evolving nature of digital currencies necessitates flexible regulatory frameworks.