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Standard Summary
Comprehensive overview in 1-2 paragraphs
The No CBDC Act prohibits the Federal Reserve and Treasury from issuing central bank digital currencies directly to individuals or maintaining digital currency accounts.
Key Points
- 1Amends Federal Reserve Act to ban CBDC issuance to individuals
- 2Prohibits direct account maintenance for digital currencies
- 3Blocks custodial intermediary arrangements for CBDCs
- 4Prevents Federal Reserve banks from holding government digital currencies
- 5Protects against central bank digital currency implementation
- 6Addresses financial privacy and monetary system concerns
Impact Areas
Federal Reserve System and monetary policyDigital currency and financial technologyConsumer privacy and financial servicesCongressional oversight of central banking
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