TechFlow reported on September 21 that, according to CoinDesk, the U.S. House Committee on Financial Services has approved a bill aimed at blocking a U.S. central bank digital currency (CBDC), which will now move to the full House for consideration. The bill seeks to prohibit any CBDC pilot programs, ban the Federal Reserve from issuing retail digital currencies that could be used to monitor citizens, and require explicit congressional authorization before any government-backed token can move forward. House Financial Services Committee Chairman Patrick McHenry said the bill would ensure that "any U.S. CBDC must have explicit congressional approval" and "protect Americans' privacy and our financial system from the risks posed by a CBDC."
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