Digital Dollar Pilot Prevention Act

Digital Dollar Pilot Prevention Act

This bill prohibits the Board of Governors of the Federal Reserve System and the Federal Reserve banks from establishing, carrying out, or approving a program to test the feasibility of issuing a central bank digital currency.

The Digital Dollar Pilot Prevention Act, also known as Bill 118 hr 3712, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to prevent the implementation of a digital dollar pilot program by the Federal Reserve.

The bill aims to prohibit the Federal Reserve from creating or implementing any digital currency or digital wallet that would be used as legal tender in the United States. It also seeks to prevent the Federal Reserve from conducting any pilot programs or studies related to a digital dollar.

Supporters of the bill argue that a digital dollar could have negative implications for the US economy, including potential privacy concerns and risks to financial stability. They believe that the Federal Reserve should not be involved in creating a digital currency and that any such decisions should be made by Congress. Opponents of the bill argue that a digital dollar could have benefits, such as increased financial inclusion and efficiency in transactions. They believe that the Federal Reserve should have the ability to explore and potentially implement a digital currency in the future. Overall, the Digital Dollar Pilot Prevention Act is a controversial piece of legislation that raises important questions about the future of currency and the role of the Federal Reserve in the digital age. It will be interesting to see how this bill progresses through Congress and what impact it may have on the future of US currency.