S. 2543Senate117th Congress (2021-2023)In Committee

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.

AI-Generated Summary

Updated February 8, 2026 at 5:52 AM UTC

The bill requires the President to deliver a report within one year on the national security risks posed by the People’s Republic of China’s development of an official digital currency, the digital renminbi. The report will be provided to several Senate and House committees that oversee banking, foreign relations, appropriations, and intelligence. It is aimed at informing U.S. policymakers about potential threats to security, finance, and geopolitical influence.

Key Provisions

President must submit, within one year of enactment, an unclassified report (with possible classified annex) on short-, medium-, and long-term national security risks of China’s digital renminbi
Report must address risks of transaction surveillance, security and illicit finance, and economic coercion or social control by China
Report is to be delivered to the Senate Banking, Foreign Relations, Appropriations, and Intelligence committees, and the House Financial Services, Foreign Affairs, Appropriations, and Intelligence committees

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Foreign Relations.

Foreign Relations Committee

July 29, 2021

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SenateIntro Referral

Introduced in Senate

July 29, 2021

SenateIntro Referral

Read twice and referred to the Committee on Foreign Relations.

Foreign Relations Committee

July 29, 2021

Bill Text

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Introduced in SenateIssued July 29, 2021

117th CONGRESS

1st Session

S. 2543

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.

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.