Sec. 204. Prohibition with respect to central bank digital currency
178 words·~1 min read·
/bill/119/s/1318/eah/section-204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 10 of the Federal Reserve Act ( 12 U.S.C. 241 et seq. ) is amended by inserting before paragraph
(12)the following: The Board of Governors of the Federal Reserve System may not test, study, develop, create, or implement a central bank digital currency, or any digital asset that is substantially similar under any other name or label. The Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use a central bank digital currency to implement monetary policy, or any digital asset that is substantially similar under any other name or label. Subparagraph
(A)and sections 16(18)(A)(iii) and 16(19)(A) may not be construed to prohibit any dollar-denominated currency that is open, permissionless, and private, and fully preserves the privacy protections of United States coins and physical currency. In this paragraph, the term central bank digital currency means a form of digital money or monetary value that is— denominated in the national unit of account; a direct liability of the Federal Reserve System; and widely available to the general public. .
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 204
Prohibition with respect to central bank digital currency
Cites 1Cited by 0 across 0 sources