Prohibition on Federal reserve banks indirectly issuing a central bank digital currency

Section 16 of the Federal Reserve Act (12 U.S.C. 411 et seq.), as amended by section 2, is further amended by adding at the end the following: A Federal reserve bank may not offer a central bank digital currency, as defined in section 10(11)(D), or any digital asset that is substantially similar under any other name or label, indirectly to an individual through a financial institution or other intermediary..