BGOV Bill Analysis: H.R. 1919, Bar Fed-Issued Cryptocurrency

The Federal Reserve would be prohibited from issuing a central bank digital currency or using one to implement monetary policy under H.R. 1919.

The measure would bar the Federal Reserve System from testing, studying, developing, creating, or implementing a CBDC or any substantially similar digital asset. It also would prohibit the 12 Federal Reserve banks from issuing a CBDC or offering one indirectly through a financial institution, maintaining accounts for individual customers, or offering other financial products and services directly to individuals.

Central bank digital currencies are digital assets issued and backed by a country’s central bank that represent ...