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House Bill Bars the Fed From Issuing Digital Currency

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(Washington, DC) – The House of Representatives passed legislation on Friday that bars the Federal Reserve from issuing digital currency. Although the Fed has not yet moved to issue a digital dollar, the idea persists, and some have expressed concerns.

The Republican-led house passed the bill along party lines. Prominent Republicans — including lawmakers and former President Trump — have said it could lead to government overreach and abuse. For example, government officials could in theory freeze people’s funds or delete them entirely for an alleged offense — something that’s impossible to do with cash.

In the past, the central bank has said it would not move forward with a digital dollar, unless it had Congressional approval.

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