Protecting Cash: Central Bank Cannot Discontinue Notes and Coins
This bill aims to ensure that physical cash, meaning banknotes and coins, will remain available even if a central bank digital currency is introduced in the future. This means citizens will not lose the option to pay with physical money, which is important for those who prefer traditional payment methods or lack access to digital technology.
Key points
Federal Reserve notes and coins will continue to be issued, even if a central bank digital currency is launched.
A central bank digital currency will not be considered legal tender, meaning it cannot be mandated for payments.
Expired
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