United States of America: Introduced CBDC Anti-Surveillance State Act (HR 1122)

On 21 February 2023, the CBDC Anti-Surveillance State Act (HR 1122) was introduced in the US Congress, aiming to amend the Federal Reserve Act to limit the Federal Reserve Banks' Authority with respect to central bank digital currency (CBDC). The Act would prohibit Federal Reserve Banks from issuing CBDC directly to an individual and using CBDC to implement monetary policy. In addition, the Bill would require the Board of Governors of the Federal Reserve System to consult with each Federal Reserve Bank regarding all CBDC's pilot projects and issue quarterly reports to Congress on these projects.