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 paragraph: (19) (A) A Federal reserve bank may not offer a central bank digital currency, 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. (B) In this paragraph, the term central bank digital currency has the meaning given that term under section 10(11)(D)..