Sec. 3. Prohibition on Federal reserve banks indirectly issuing a central bank digital currency
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Section 16 of the Federal Reserve Act ( 12 U.S.C. 411 et seq. ), as amended by section 2 of this Act, is further amended by adding at the end the following: A Federal Reserve bank shall not offer a central bank digital currency, or any digital asset that is substantially similar under any other name or label, indirectly to an individual through a financial institution or other intermediary. The preceding sentence is not to be construed to prohibit any dollar-denominated currency that is open, permissionless, private, and fully preserves the privacy protections of United States coins and physical currency. .
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Sec. 3
Prohibition on Federal reserve banks indirectly issuing a central bank digital currency
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