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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Chinese CBDC Prohi-
bition Act of 2023’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
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(1) In 2021 testimony before the House Com-
mittee on Financial Services, Yaya Fanusie, Adjunct 
Senior Fellow at the Center for a New American Se-
curity, noted that China is pushing aggressively to 
become a global leader in financial technology, and 
the People’s Republic of China is in a position to 
launch the largest digital currency project of any 
major economy. Additionally, the Chinese central 
bank digital currency (CBDC) will provide the Chi-
nese Communist Party (CCP) with data on its users, 
and bolster the CCP’s social credit program, ulti-
mately furthering the Party’s punitive control power 
over Chinese citizens. 
(2) On April 28, 2021, Federal Reserve Chair-
man Jerome Powell stated, ‘‘The [digital] currency 
that is being used in China is not one that would 
work here. It’s one that really allows the government 
to see every payment for which it is used in real 
time’’. 
(3) According to Sir Jeremy Fleming, Director 
of the United Kingdom’s Government Communica-
tions Headquarters, ‘‘Control is also a major driver 
for Beijing as it seeks to build a centralized digital 
currency. Yes, it introduces efficiencies and new 
ways of settling payments. But the way it’s being 
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implemented allows the monitoring of citizens and it 
forces companies to use the service. It might, in fu-
ture, also enable China to partially evade the sorts 
of international sanctions currently being applied to 
Putin’s regime in Russia’’. 
SEC. 3. MONEY SERVICES BUSINESSES. 
Subchapter II of chapter 53 of title 31, United States 
Code, is amended by adding at the end the following: 
‘‘§ 5337. Money Services Businesses 
‘‘(a) TRANSACTIONS INVOLVING DIGITAL CURRENCY 
OF THE PEOPLE’S REPUBLIC OF CHINA.—Each money 
services business is prohibited from engaging in any trans-
action, directly or indirectly, that involves a central bank 
digital currency issued by the People’s Republic of China. 
‘‘(b) DEFINITIONS.—The term ‘money services busi-
ness’ has the meaning given the term in section 
1010.100(ff) of title 31, Code of Federal Regulations.’’. 
Æ 
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