U.S. House passes bill banning Federal Reserve from issuing a Central Bank Digital Currency

The House of Representatives has made a significant move by banning the Federal Reserve from creating the „digital dollar,” a central bank digital currency, according to Forbes.

This decision, proposed by the House Majority Whip, Rep. Tom Emmer, as the „CBDC Anti-Surveillance State Act,” is a crucial amendment to the Federal Reserve Act, which governs the US central banking system.

The amendment states, „The Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use any central bank digital currency to implement monetary policy.”

The Bill still has a long way to go before becoming law – it needs to pass a vote in the Senate and potentially stand a presidential veto.