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Banning US Financial Businesses from Using China's Digital Currency.

This act aims to protect the US financial system and citizen privacy by prohibiting money services businesses from engaging in any transactions involving the digital currency issued by the People's Republic of China's central bank. The goal is to prevent China from using its digital currency as a tool for mass surveillance and financial control. US citizens will not be able to use US financial service providers for transactions involving this specific currency.
Key points
US money services businesses are banned from processing transactions involving the Chinese central bank digital currency (CBDC).
The law seeks to block a potential foreign surveillance tool that could track user payments in real-time and bolster China's social credit program.
The prohibition is added as a new section (5337) to Title 31 of the United States Code.
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Expired
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Additional Information
Print number: 118_S_3248
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2023-11-08
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Chinese CBDC Prohibition Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3248.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-11-08.

What are the main provisions?

Key points include:

  • US money services businesses are banned from processing transactions involving the Chinese central bank digital currency (CBDC).
  • The law seeks to block a potential foreign surveillance tool that could track user payments in real-time and bolster China's social credit program.
  • The prohibition is added as a new section (5337) to Title 31 of the United States Code.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Scott, Rick [R-FL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Security