US legislators sets Sept. 20 to discuss on CBDC prevention

The US House of Representatives Financial Services Committee announced last Friday that it would discuss a new bill that would prevent the issuance of a central bank digital currency (CBDC).

See related article: The Central Bank of Nepal is planning CBDC within two years

Brief information

  • Committee Chairman Patrick McHenry announced that the Digital Dollar Pilot Prevention Act markup session, a session in which committee members will review the proposal in detail and possibly suggest changes, will be held on September 20.
  • The bill was first introduced on May 26 by Alex Mooney, a representative of the Republican Party.
  • “This bill would prohibit the Federal Reserve from establishing, operating, or authorizing a program designed to test the practicality of issuing a CBDC,” Mooney’s announcement said. “CBDCs raise major privacy and government surveillance concerns.”
  • He also claimed that China is using its CBDC pilot program to monitor citizens and restrict banking access for dissidents in the government.
  • In July, the Federal Reserve said It had not decided to issue a CBDC, adding that legal approval remained a prerequisite for such developments.
  • The Fed’s statement came as it launched FedNow, a real-time interbank payment processing service for individuals and businesses, on July 20. According to the US Federal Reserve, FedNow has nothing to do with digital currencies.

See related article: Asia’s richest man relies on blockchain, CBDC


TaraSubramaniam is a Dailynationtoday U.S. News Reporter based in London. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. TaraSubramaniam joined Dailynationtoday in 2023 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing:

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