© Thomas P. Costello / USA TODAY NETWORK
(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.
