Republican Senators: No U.S. Federal Bank Should Issue Digital Currency Directly to Citizens

Three Republican senators are pushing forward legislation that seeks to ban the U.S. Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals as it could be used as a financial surveillance tool.

The bill aims to amend section 13 of the Federal Reserve Act by adding the following—“No Federal reserve bank may offer products or services directly to an individual, maintain an account on behalf of an individual, or issue a central bank digital currency directly to an individual.”