I 

118TH CONGRESS 

1ST SESSION H. R. 804 

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. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 2, 2023 

Mr. LUETKEMEYER introduced the following bill; which was referred to the 

Committee on Financial Services 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Chinese CBDC Prohi5 bition Act of 2023’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 


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•HR 804 IH

1 (1) In 2021 testimony before the House Com2 mittee on Financial Services, Yaya Fanusie, Adjunct 

3 Senior Fellow at the Center for a New American Se4 curity, noted that China is pushing aggressively to 

5 become a global leader in financial technology, and 

6 the People’s Republic of China is in a position to 

7 launch the largest digital currency project of any 

8 major economy. Additionally, the Chinese central 

9 bank digital currency (CBDC) will provide the Chi10 nese Communist Party (CCP) with data on its users, 

11 and bolster the CCP’s social credit program, ulti12 mately furthering the Party’s punitive control power 

13 over Chinese citizens. 

14 (2) On April 28, 2021, Federal Reserve Chair15 man Jerome Powell stated, ‘‘The [digital] currency 

16 that is being used in China is not one that would 

17 work here. It’s one that really allows the government 

18 to see every payment for which it is used in real 

19 time’’. 

20 (3) According to Sir Jeremy Fleming, Director 

21 of the United Kingdom’s Government Communica22 tions Headquarters, ‘‘Control is also a major driver 

23 for Beijing as it seeks to build a centralized digital 

24 currency. Yes, it introduces efficiencies and new 

25 ways of settling payments. But the way it’s being 


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•HR 804 IH

1 implemented allows the monitoring of citizens and it 

2 forces companies to use the service. It might, in fu3 ture, also enable China to partially evade the sorts 

4 of international sanctions currently being applied to 

5 Putin’s regime in Russia’’. 

6 SEC. 3. MONEY SERVICES BUSINESSES. 

7 Subchapter II of chapter 53 of title 31, United States 

8 Code, is amended by adding at the end the following: 

9 ‘‘§ 5337. Money Services Businesses 

10 ‘‘(a) TRANSACTIONS INVOLVING DIGITAL CURRENCY

11 OF THE PEOPLE’S REPUBLIC OF CHINA.—Each money 

12 services business is prohibited from engaging in any trans13 action, directly or indirectly, that involves a central bank 

14 digital currency issued by the People’s Republic of China. 

15 ‘‘(b) DEFINITIONS.—The term ‘money services busi16 ness’ has the meaning given the term in section 

17 1010.100(ff) of title 31, Code of Federal Regulations.’’. 

Æ 


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