Ban on Central Bank Digital Currency (CBDC) issuance without Congress approval.
This bill prevents the Federal Reserve from creating and issuing a Central Bank Digital Currency (CBDC) directly or indirectly to individuals. This measure aims to protect financial privacy by ensuring that the government cannot introduce a digital dollar that could potentially track citizens' spending habits. Any future digital currency must be explicitly authorized by Congress and maintain the privacy standards of physical cash.
Key points
The Federal Reserve is prohibited from offering banking products or accounts directly to individual citizens.
Issuing a government-backed digital dollar (CBDC) is banned unless Congress specifically grants authorization.
The Fed cannot use a CBDC to implement monetary policy, limiting its economic control via this tool.
The law does not affect private digital currencies that are open, permissionless, and preserve cash-like privacy.
Expired
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