The House of Representatives passed a bill prohibiting the government from creating a central bank digital currency (CBDC).
The bill, called the “CBDC Anti-Surveillance State Act,” was introduced in September.
This bill prohibits a Federal Reserve bank from “offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar) directly or indirectly to an individual. Further, The Board of Governors of the Federal Reserve System is prohibited from using a central bank digital currency to implement monetary policy or from issuing a central bank digital currency.”
Majority Whip Tom Emmer (R-MN), who introduced the bill, said in a press release celebrating the House vote, “For more than two years, we have worked to educate, grow support, and pass this important legislation, which prevents unelected bureaucrats from issuing a financial surveillance tool to fundamentally undermine our American values.”
“My legislation ensures that the United States’ digital currency policy remains in the hands of the American people so that any development of digital money reflects our values of privacy, individual sovereignty, and free market competitiveness. This is what the future global digital economy needs. We are proud to have led this effort and thank my colleagues for their support