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.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This 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., changes federal law or congressional policy affecting foreign governments, international partners, and aid recipients. The main policy domain is Foreign Policy, Finance, Technology.
Who Benefits and How
foreign governments, international partners, and aid recipients may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, foreign governments, international partners, and aid recipients may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H83B008CBBB364CC2A0DD8B2239BCE3AA: 1. Short title This Act may be cited as the Chinese CBDC Prohibition Act of 2023.
- Section HF440B593149348138A9FF6FBEB56E756: 2. Findings Congress finds the following: In 2021 testimony before the House Committee on Financial Services, Yaya Fanusie, Adjunct Senior Fellow at the Center...
- Section HDD2B492A2AF54E43B9C49540F8B372C9: 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...
- Section H013A8CA0CA1947CAACB8B8F18A6B7411: 5337. Money services businesses In this section, the term money services business has the meaning given the term in section 1010.100 of title 31, Code of...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This 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., changes federal law or congressional policy affecting foreign governments, international partners, and aid recipients.
Key Policy Areas
Foreign Policy, Finance, Technology
Primary Purpose
This 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., changes federal law or congressional policy affecting foreign governments, international partners, and aid recipients.
Policy Domains
Whole bill
Identified Gains
- foreign governments, international partners, and aid recipients
Identified Costs
- federal implementing agencies
- foreign governments, international partners, and aid recipients
Sponsors
Legislative Progress
IntroducedMr. Scott of Florida (for himself, Mr. Cruz, and Mrs. …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "federal_implementing_agencies"
- → Federal agencies assigned duties by the bill
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology