The U.S. House Financial Services Committee approves a bill to ban the issuance of CBDCs

ChainCatcher News, the U.S. House Financial Services Committee has approved a bill aimed at obstructing the issuance of a central bank digital currency (CBDC) in the United States, which will subsequently be reviewed in the House. The bill aims to prohibit any CBDC pilot projects, ban the Federal Reserve from issuing retail digital currencies that could be used for citizen surveillance, and require government-backed tokens to obtain explicit authorization from Congress before making any progress.

Additionally, U.S. House Financial Services Committee Chairman Patrick McHenry stated, "This bill will ensure that any U.S. CBDC must receive explicit authorization from Congress and protect the privacy of Americans and our financial system from the risks that a CBDC may pose."