Prohibiting Federal Reserve from issuing Central Bank Digital Currency (CBDC) to individuals
This bill aims to prevent the Federal Reserve and other government agencies from creating and issuing a Central Bank Digital Currency (CBDC) directly to individuals. This means the government would be barred from opening individual digital accounts or offering related financial services. If passed, citizens will not have access to a CBDC as a form of digital money issued and directly controlled by the central bank.
Key points
The Federal Reserve (Fed) and other government agencies are prohibited from minting, issuing, or offering a Central Bank Digital Currency (CBDC) directly to individuals.
The ban includes maintaining individual digital accounts by the Fed, even through commercial banks or digital intermediaries.
The Act prevents the Fed from holding government-issued digital currencies as assets or liabilities on its balance sheet.
Status:
Expired
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