Section 1 Short title
This Act may be cited as the “Digital Dollar Pilot Prevention Act”.
Digital Dollar Pilot Prevention Act
A BILL
To amend the Federal Reserve Act to require an Act of Congress for certain activities related to the issuance of a central bank digital currency, and for other purposes.
Sec. 2 Central bank digital currency
The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by inserting after section 16 the following:
“16A. Central bank digital currency
“(a) In general—Unless authorized by an Act of Congress enacted after the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and the Federal reserve banks may not establish, carry out, or approve a program intended to test the practicability of issuing a central bank digital currency, including by partnering or coordinating with a private sector entity to carry out such a program.
“(b) Central bank digital currency defined—In this section, the term central bank digital currency means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the Federal Reserve.”