US House Votes Against Federal Reserve Issuing CBDC

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The U.S. House of Representatives has voted Yea on passage of a bill preventing the U.S. Federal Reserve from issuing a Central Bank Digital Currency (CBDC).  The bill passed with a vote of 216-192.

The H.R. 5403 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.

The U.S. Congress is on a pro-crypto roll this week.

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