Central bank digital currency

(a) In general 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 The Board of Governors of the Federal Reserve may not, absent Congressional authorization, issue a central bank digital currency. (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.. (b) Treasury Chapter 3 of subtitle I of title 31 of the United States Code is amended by inserting after section 316 the following: 317. Central bank digital currency (a) In general The Secretary of the Treasury may not, absent Congressional authorization, direct the Board of Governors of the Federal Reserve to issue a central bank digital currency. (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 central bank..