A bill to require a study on the national security implications of the People's Republic of China's efforts to create an official digital currency.

This bill requires the President to report to Congress on the national security risks associated with any plans by China's government to create an official digital currency.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2543 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 2543

    To require a study on the national security implications of the 
  People's Republic of China's efforts to create an official digital 
                               currency.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 29, 2021

   Mr. Hagerty (for himself, Mr. Warner, Ms. Lummis, Mr. Cramer, Mr. 
  Grassley, Mr. Cruz, Mr. Scott of Florida, Mr. Braun, and Mr. Young) 
introduced the following bill; which was read twice and referred to the 
                     Committee on Foreign Relations

_______________________________________________________________________

                                 A BILL


 
    To require a study on the national security implications of the 
  People's Republic of China's efforts to create an official digital 
                               currency.

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

SECTION 1. STUDY ON THE CREATION OF AN OFFICIAL DIGITAL CURRENCY BY THE 
              PEOPLE'S REPUBLIC OF CHINA.

    (a) In General.--Not later than one year after the date of the 
enactment of this Act, the President shall submit to the appropriate 
committees of Congress a report on the short-, medium-, and long-term 
national security risks associated with the creation and use of the 
official digital renminbi of the People's Republic of China, 
including--
            (1) risks arising from potential surveillance of 
        transactions;
            (2) risks related to security and illicit finance; and
            (3) risks related to economic coercion and social control 
        by the People's Republic of China.
    (b) Form of Report.--The report required by subsection (a) shall be 
submitted in unclassified form but may include a classified annex.
    (c) Appropriate Committees of Congress Defined.--In this section, 
the term ``appropriate committees of Congress'' means--
            (1) the Committee on Banking, Housing, and Urban Affairs, 
        the Committee on Foreign Relations, the Committee on 
        Appropriations, and the Select Committee on Intelligence of the 
        Senate; and
            (2) the Committee on Financial Services, the Committee on 
        Foreign Affairs, the Committee on Appropriations, and the 
        Permanent Select Committee on Intelligence of the House of 
        Representatives.
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