summary
Introduced
11/08/2023
11/08/2023
In Committee
11/08/2023
11/08/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To prohibit money services businesses from engaging in any transaction that involves a central bank digital currency issued by the People’s Republic of China, and for other purposes.
AI Summary
This bill, the Chinese CBDC Prohibition Act of 2023, would prohibit money services businesses from engaging in any transaction involving a central bank digital currency (CBDC) issued by the People's Republic of China. The bill cites concerns that China's CBDC would provide the Chinese Communist Party with data on its users and bolster the country's social credit system, thereby increasing the Party's control over its citizens. The bill also references statements from U.S. and U.K. officials expressing similar concerns about the potential surveillance and evasion of international sanctions that could result from China's CBDC.
Committee Categories
Housing and Urban Affairs
Sponsors (3)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 11/08/2023)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/3248/all-info |
| BillText | https://www.congress.gov/118/bills/s3248/BILLS-118s3248is.pdf |
Loading...