REPORT ON CREATION OF OFFICIAL DIGITAL CURRENCY BY CHINA.

SEC. 705. REPORT ON CREATION OF OFFICIAL DIGITAL CURRENCY BY CHINA. (a) Report.—Not later than 1 year after the date of the enactment of this Act, the President, consistent with the protection of intelligence sources and methods, shall transmit to the appropriate congressional committees a report on the short-, medium-, and long-term national security risks associated with the creation and use of the official digital renminbi of China, including— (1) risks arising from potential surveillance of transactions; (2) risks relating to security and illicit finance; and (3) risks relating to economic coercion and social control by China. (b) Form.—The report under subsection (a) shall be submitted in unclassified form, but may include a classified annex. (c) Appropriate Congressional Committees Defined.—In this section, the term “appropriate congressional committees” means— (1) the congressional intelligence committees; (2) the Committee on Banking, Housing, and Urban Affairs, the Committee on Foreign Relations, and the Committee on Appropriations of the Senate; and (3) the Committee on Financial Services, the Committee on Foreign Affairs, and the Committee on Appropriations of the House of Representatives.