118th Congress · SENATE BILLBILL

S. 3248 — Chinese CBDC Prohibition Act of 2023

“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.”

Finance and financial sector

Introduced Nov 8, 2023

Last action Nov 8, 2023

Pipeline · Bill → Law

Step 1

Introduced

Nov 8, 2023

Step 2

Referred

Nov 8, 2023

Banking, Housing, and Urban Affairs

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill prohibits money services businesses (e.g., currency exchange providers or money order issuers) from engaging in transactions involving a central bank digital currency issued by China. Central bank digital currencies are digital currencies issued by a government-backed central bank.

Provisions · 3 sectionsIntroduced in Senate

Timeline · 2 actions

Nov 8, 2023

Introduced in Senate

Nov 8, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.